REGISTRATION STATEMENT | ||||
UNDER | ||||
THE SECURITIES ACT OF 1933 | ☒ | |||
Post-Effective Amendment No. 2,621 | ☒ | |||
and/or | ||||
REGISTRATION STATEMENT | ||||
UNDER | ||||
THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |||
Amendment No. 2,621 | ☒ |
MARGERY K. NEALE, ESQ. BENJAMIN J. HASKIN, ESQ. ANNE C. CHOE, ESQ. WILLKIE FARR & GALLAGHER LLP 787 SEVENTH AVENUE NEW YORK, NY 10019-6099 |
MARISA ROLLAND, ESQ. BLACKROCK FUND ADVISORS 400 HOWARD STREET SAN FRANCISCO, CA 94105 |
☐ | Immediately upon filing pursuant to paragraph (b) |
☒ | On |
☐ | 60 days after filing pursuant to paragraph (a)(1) |
☐ | On (date) pursuant to paragraph (a)(1) |
☐ | 75 days after filing pursuant to paragraph (a)(2) |
☐ | On (date) pursuant to paragraph (a)(2) |
☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
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|
![]() |
2023 Prospectus |
• | iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE ARCA |
Ticker: SHYG | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Markit iBoxx USD Liquid High Yield 0-5 Index (Index returns do not reflect deductions for fees, expenses or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high |
yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. | |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares 0-5 Year High Yield Corporate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $45.51 | $43.75 | $46.20 | $46.19 | $47.53 | ||||
Net investment income(a) | 2.10 | 2.09 | 2.26 | 2.55 | 2.56 | ||||
Net realized and unrealized gain (loss)(b) | (4.58) | 1.90 | (2.36) | 0.01 | (1.38) | ||||
Net increase (decrease) from investment operations | (2.48) | 3.99 | (0.10) | 2.56 | 1.18 | ||||
Distributions from net investment income(c) | (2.20) | (2.23) | (2.35) | (2.55) | (2.52) | ||||
Net asset value, end of year | $40.83 | $45.51 | $43.75 | $46.20 | $46.19 | ||||
Total Return(d) | |||||||||
Based on net asset value | (5.55)% | 9.25% | (0.10)% | 5.71% | 2.55% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | ||||
Net investment income | 4.90% | 4.59% | 5.15% | 5.54% | 5.46% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $6,977,147 | $5,433,846 | $4,904,298 | $3,349,716 | $3,126,800 | ||||
Portfolio turnover rate(f) | 23% | 39% | 45% | 31% | 35% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
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March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ |
Ticker: SLQD | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Markit iBoxx USD Liquid Investment Grade 0-5 Index (Index returns do not reflect deductions for fees, expenses or taxes) | - |
1 | |
iShares 0-5 Year Investment Grade Corporate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $51.36 | $52.01 | $51.17 | $49.43 | $50.49 | ||||
Net investment income(a) | 0.86 | 0.80 | 1.27 | 1.48 | 1.27 | ||||
Net realized and unrealized gain (loss)(b) | (4.09) | (0.57) | 0.90 | 1.71 | (1.18) | ||||
Net increase (decrease) from investment operations | (3.23) | 0.23 | 2.17 | 3.19 | 0.09 | ||||
Distributions(c) | |||||||||
From net investment income | (0.82) | (0.87) | (1.32) | (1.45) | (1.15) | ||||
From net realized gain | (0.07) | (0.01) | (0.01) | — | — | ||||
Total distributions | (0.89) | (0.88) | (1.33) | (1.45) | (1.15) | ||||
Net asset value, end of year | $47.24 | $51.36 | $52.01 | $51.17 | $49.43 | ||||
Total Return(d) | |||||||||
Based on net asset value | (6.35)% | 0.44% | 4.31% | 6.55% | 0.18% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | ||||
Net investment income | 1.74% | 1.54% | 2.48% | 2.95% | 2.56% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $2,992,806 | $2,521,896 | $2,062,138 | $1,934,285 | $1,418,761 | ||||
Portfolio turnover rate(f) | 20% | 23% | 29% | 20% | 15% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
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March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares 0-5 Year TIPS Bond ETF | STIP | NYSE ARCA |
Ticker: STIP | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments)1 | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses2 |
Total Annual Fund Operating Expenses | |||
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L)2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
||||
ICE U.S. Treasury 0-5 Year Inflation Linked Bond Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
2 | |
iShares 0-5 Year TIPS Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $105.95 | $103.32 | $100.17 | $98.21 | $100.52 | ||||
Net investment income(a) | 6.31 | 4.52 | 1.62 | 2.05 | 2.61 | ||||
Net realized and unrealized gain (loss)(b) | (8.83) | 2.17 | 2.85 | 2.02 | (2.22) | ||||
Net increase (decrease) from investment operations | (2.52) | 6.69 | 4.47 | 4.07 | 0.39 | ||||
Distributions from net investment income(c) | (6.25) | (4.06) | (1.32) | (2.11) | (2.70) | ||||
Net asset value, end of year | $97.18 | $105.95 | $103.32 | $100.17 | $98.21 | ||||
Total Return(d) | |||||||||
Based on net asset value | (2.51)% | 6.55% | 4.49% | 4.17% | 0.39% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.03% | 0.05% | 0.06% | 0.06% | 0.06% | ||||
Net investment income | 6.15% | 4.28% | 1.59% | 2.07% | 2.62% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $12,123,818 | $7,495,692 | $2,841,229 | $2,343,861 | $2,199,887 | ||||
Portfolio turnover rate(f) | 27% | 36% | 72% | 58% | 40% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
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March 1, 2023 |
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2023 Prospectus |
• | iShares 1-3 Year International Treasury Bond ETF | ISHG | NASDAQ |
Ticker: ISHG | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
- |
- | ||
Return After Taxes on Distributions1 |
- |
- |
- | ||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
- | ||
FTSE World Government Bond Index – Developed Markets 1-3 Years Capped Select Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
- |
1 | |
2 | |
iShares 1-3 Year International Treasury Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $80.31 | $81.34 | $78.93 | $80.16 | $82.78 | ||||
Net investment loss(a) | (0.25) | (0.49) | (0.14) | (0.00)(b) | (0.06) | ||||
Net realized and unrealized gain (loss)(c) | (14.29) | (0.54) | 2.55 | 0.20 | (2.17) | ||||
Net increase (decrease) from investment operations | (14.54) | (1.03) | 2.41 | 0.20 | (2.23) | ||||
Distributions from net investment income(d) | (1.01) | — | — | (1.43) | (0.39) | ||||
Net asset value, end of year | $64.76 | $80.31 | $81.34 | $78.93 | $80.16 | ||||
Total Return(e) | |||||||||
Based on net asset value | (18.32)% | (1.27)% | 3.05% | 0.25% | (2.71)% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||
Total expenses after fees waived | 0.35% | 0.35% | 0.17% | 0.09% | 0.01% | ||||
Net investment loss | (0.35)% | (0.59)% | (0.18)% | (0.01)% | (0.07)% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $55,043 | $76,292 | $56,937 | $67,090 | $76,156 | ||||
Portfolio turnover rate(g) | 69% | 60% | 71% | 56% | 47% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) Rounds to less than $0.01. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
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March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | TLTW | CBOE BZX |
|
S-1 |
|
1 |
|
2 |
|
14 |
|
16 |
|
16 |
|
17 |
|
20 |
|
28 |
|
29 |
|
30 |
|
30 |
Ticker: TLTW | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 Year | 3 Years | |||
$ |
$ |
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | |
Period From 08/18/22(a) to 10/31/22 | |
Net asset value, beginning of period | $40.06 |
Net investment income(b) | 0.13 |
Net realized and unrealized gain(c) | (5.35) |
Net increase from investment operations | (5.22) |
Distributions(d) | |
From net investment income | (1.12) |
Return of capital | (0.08) |
Total distributions | (1.20) |
Net asset value, end of period | $33.64 |
Total Return(e) | |
Based on net asset value | (13.29)%(f) |
Ratios to Average Net Assets(g) | |
Total expenses | 0.35%(h) |
Total expenses after fees waived | 0.20%(h) |
Net investment income | 1.81%(h) |
Supplemental Data | |
Net assets, end of period (000) | $21,866 |
Portfolio turnover rate(i) | 0% |
(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 |
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March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE ARCA |
Ticker: QLTA | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
|||
Bloomberg U.S. Corporate Aaa - A Capped Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares Aaa - A Rated Corporate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $56.49 | $57.46 | $54.85 | $49.57 | $52.76 | ||||
Net investment income(a) | 1.20 | 1.10 | 1.35 | 1.68 | 1.53 | ||||
Net realized and unrealized gain (loss)(b) | (11.75) | (0.91) | 2.68 | 5.25 | (3.23) | ||||
Net increase (decrease) from investment operations | (10.55) | 0.19 | 4.03 | 6.93 | (1.70) | ||||
Distributions(c) | |||||||||
From net investment income | (1.20) | (1.13) | (1.42) | (1.65) | (1.49) | ||||
From net realized gain | — | (0.03) | — | — | — | ||||
Total distributions | (1.20) | (1.16) | (1.42) | (1.65) | (1.49) | ||||
Net asset value, end of year | $44.74 | $56.49 | $57.46 | $54.85 | $49.57 | ||||
Total Return(d) | |||||||||
Based on net asset value | (18.93)% | 0.34% | 7.44% | 14.22% | (3.27)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 2.35% | 1.93% | 2.37% | 3.19% | 3.00% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $773,919 | $1,186,345 | $1,485,423 | $419,610 | $158,621 | ||||
Portfolio turnover rate(f) | 14% | 17% | 16% | 16% | 15% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares BB Rated Corporate Bond ETF | HYBB | NYSE ARCA |
Ticker: HYBB | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
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 BB US High Yield Constrained Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares BB Rated Corporate Bond ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 10/06/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $52.01 | $49.76 | $50.00 | ||
Net investment income(b) | 2.28 | 1.89 | 0.12 | ||
Net realized and unrealized gain (loss)(c) | (8.04) | 2.25 | (0.36) | ||
Net increase (decrease) from investment operations | (5.76) | 4.14 | (0.24) | ||
Distributions(d) | |||||
From net investment income | (2.12) | (1.89) | — | ||
From net realized gain | (0.16) | — | — | ||
Total distributions | (2.28) | (1.89) | — | ||
Net asset value, end of period | $43.97 | $52.01 | $49.76 | ||
Total Return(e) | |||||
Based on net asset value | (11.30)% | 8.39% | (0.48)%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.25% | 0.25% | 0.25%(h) | ||
Total expenses after fees waived | 0.15% | 0.15% | 0.15%(h) | ||
Net investment income | 4.92% | 3.64% | 3.36%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $329,801 | $93,611 | $72,151 | ||
Portfolio turnover rate(i) | 21% | 32% | 0%(j) | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. | |||||
(j) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Broad USD High Yield Corporate Bond ETF | USHY | CBOE BZX |
Ticker: USHY | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | |||||
( |
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | 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 US High Yield Constrained Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
2 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares Broad USD High Yield Corporate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19(a) |
Year Ended 10/31/18(a) | |||||
Net asset value, beginning of year | $41.21 | $39.34 | $40.61 | $39.80 | $41.67 | ||||
Net investment income(b) | 2.03 | 2.02 | 2.21 | 2.52 | 2.39 | ||||
Net realized and unrealized gain (loss)(c) | (6.68) | 1.97 | (1.23) | 0.74 | (2.17) | ||||
Net increase (decrease) from investment operations | (4.65) | 3.99 | 0.98 | 3.26 | 0.22 | ||||
Distributions from net investment income(d) | (2.07) | (2.12) | (2.25) | (2.45) | (2.09) | ||||
Net asset value, end of year | $34.49 | $41.21 | $39.34 | $40.61 | $39.80 | ||||
Total Return(e) | |||||||||
Based on net asset value | (11.59)% | 10.31% | 2.61% | 8.48% | 0.55% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | ||||
Total expenses after fees waived | 0.15% | 0.15% | 0.15% | 0.16% | 0.22% | ||||
Net investment income | 5.42% | 4.91% | 5.67% | 6.23% | 5.89% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $8,114,659 | $8,308,643 | $6,194,074 | $2,595,057 | $255,533 | ||||
Portfolio turnover rate(g) | 12% | 24% | 21% | 19% | 15% | ||||
(a) Per share amounts reflect a six-for-five stock split effective after the close of trading on April 18, 2019. | |||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares CMBS ETF | CMBS | NYSE ARCA |
Ticker: CMBS | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
|||
Bloomberg U.S. CMBS (ERISA Only) Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares CMBS ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $53.62 | $54.88 | $53.42 | $49.36 | $51.60 | ||||
Net investment income(a) | 1.19 | 1.23 | 1.39 | 1.45 | 1.37 | ||||
Net realized and unrealized gain (loss)(b) | (8.45) | (1.06) | 1.47 | 4.04 | (2.26) | ||||
Net increase (decrease) from investment operations | (7.26) | 0.17 | 2.86 | 5.49 | (0.89) | ||||
Distributions(c) | |||||||||
From net investment income | (1.18) | (1.22) | (1.40) | (1.43) | (1.35) | ||||
From net realized gain | (0.12) | (0.21) | — | — | — | ||||
Total distributions | (1.30) | (1.43) | (1.40) | (1.43) | (1.35) | ||||
Net asset value, end of year | $45.06 | $53.62 | $54.88 | $53.42 | $49.36 | ||||
Total Return(d) | |||||||||
Based on net asset value | (13.75)% | 0.29% | 5.42% | 11.27% | (1.74)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Net investment income | 2.39% | 2.26% | 2.58% | 2.81% | 2.72% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $585,829 | $820,386 | $491,195 | $422,024 | $310,990 | ||||
Portfolio turnover rate(f) | 21% | 13% | 26% | 21% | 13% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Convertible Bond ETF | ICVT | CBOE BZX |
Ticker: ICVT | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares Convertible Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $102.26 | $80.71 | $59.07 | $55.86 | $55.38 | ||||
Net investment income(a) | 1.13 | 0.75 | 0.86 | 0.96 | 0.93 | ||||
Net realized and unrealized gain (loss)(b) | (25.49) | 24.52 | 21.90 | 4.74 | 0.87 | ||||
Net increase (decrease) from investment operations | (24.36) | 25.27 | 22.76 | 5.70 | 1.80 | ||||
Distributions(c) | |||||||||
From net investment income | (1.30) | (0.97) | (1.12) | (2.02) | (1.13) | ||||
From net realized gain | (5.85) | (2.75) | — | (0.47) | (0.19) | ||||
Total distributions | (7.15) | (3.72) | (1.12) | (2.49) | (1.32) | ||||
Net asset value, end of year | $70.75 | $102.26 | $80.71 | $59.07 | $55.86 | ||||
Total Return(d) | |||||||||
Based on net asset value | (25.08)% | 31.91% | 39.02% | 10.55% | 3.26%(e) | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Net investment income | 1.45% | 0.75% | 1.24% | 1.66% | 1.64% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,835,845 | $1,907,198 | $851,507 | $404,627 | $259,730 | ||||
Portfolio turnover rate(g) | 17% | 46% | 33% | 24% | 29% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -1.94%. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Core International Aggregate Bond ETF | IAGG | CBOE BZX |
Ticker: IAGG | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments)1 | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses2 |
Total Annual Fund Operating Expenses | |||
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia; |
■ | Risks in connection with the maintenance of the Fund’s portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and |
■ | The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian issuers of securities in which the Fund invests. |
iShares Core International Aggregate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $54.84 | $55.77 | $55.23 | $52.17 | $51.98 | ||||
Net investment income(a) | 0.63 | 0.56 | 0.55 | 0.55 | 0.47 | ||||
Net realized and unrealized gain (loss)(b) | (6.12) | (1.39) | 1.17 | 4.80 | 0.44 | ||||
Net increase (decrease) from investment operations | (5.49) | (0.83) | 1.72 | 5.35 | 0.91 | ||||
Distributions(c) | |||||||||
From net investment income | (0.60) | (0.10) | (0.46) | (2.29) | (0.72) | ||||
From net realized gain | (0.03) | — | (0.01) | — | — | ||||
Return of capital | — | — | (0.71) | — | — | ||||
Total distributions | (0.63) | (0.10) | (1.18) | (2.29) | (0.72) | ||||
Net asset value, end of year | $48.72 | $54.84 | $55.77 | $55.23 | $52.17 | ||||
Total Return(d) | |||||||||
Based on net asset value | (10.05)% | (1.52)% | 3.16%(e) | 10.50% | 1.77% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.07% | 0.08% | 0.09% | 0.09% | 0.09% | ||||
Net investment income | 1.21% | 1.00% | 0.99% | 1.02% | 0.91% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $3,678,514 | $3,887,844 | $3,228,915 | $1,828,114 | $871,318 | ||||
Portfolio turnover rate(g) | 11% | 16% | 36% | 12% | 11% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Includes payment received from an affiliate, which had no impact on the Fund’s total return. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Core 1-5 Year USD Bond ETF | ISTB | NASDAQ |
Ticker: ISTB | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1 |
Total Annual Fund Operating Expenses |
Fee Waiver1 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg U.S. Universal 1-5 Year Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | - |
1 | |
2 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in |
valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. | |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares Core 1-5 Year USD Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $50.73 | $51.38 | $50.50 | $48.79 | $50.08 | ||||
Net investment income(a) | 0.85 | 0.84 | 1.18 | 1.42 | 1.24 | ||||
Net realized and unrealized gain (loss)(b) | (4.80) | (0.61) | 0.92 | 1.68 | (1.37) | ||||
Net increase (decrease) from investment operations | (3.95) | 0.23 | 2.10 | 3.10 | (0.13) | ||||
Distributions(c) | |||||||||
From net investment income | (0.83) | (0.88) | (1.22) | (1.39) | (1.16) | ||||
From net realized gain | (0.03) | — | — | — | — | ||||
Total distributions | (0.86) | (0.88) | (1.22) | (1.39) | (1.16) | ||||
Net asset value, end of year | $45.92 | $50.73 | $51.38 | $50.50 | $48.79 | ||||
Total Return(d) | |||||||||
Based on net asset value | (7.86)%(e) | 0.44% | 4.22% | 6.43% | (0.25)% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | ||||
Total expenses after fees waived | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | ||||
Net investment income | 1.75% | 1.64% | 2.32% | 2.85% | 2.53% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $5,060,734 | $6,235,133 | $4,700,991 | $2,863,252 | $2,205,285 | ||||
Portfolio turnover rate(g)(h) | 60% | 82% | 77% | 83% | 107% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Includes payment received from an affiliate, which had no impact on the Fund’s total return. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(h) Includes mortgage dollar roll transactions (“MDRs”). |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Core Total USD Bond Market ETF | IUSB | NASDAQ |
Ticker: IUSB | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
|||
Bloomberg U.S. Universal Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high |
yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. | |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares Core Total USD Bond Market ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $53.11 | $54.01 | $52.36 | $48.54 | $50.94 | ||||
Net investment income(a) | 1.08 | 0.95 | 1.38 | 1.60 | 1.44 | ||||
Net realized and unrealized gain (loss)(b) | (9.34) | (0.74) | 1.71 | 3.79 | (2.48) | ||||
Net increase (decrease) from investment operations | (8.26) | 0.21 | 3.09 | 5.39 | (1.04) | ||||
Distributions(c) | |||||||||
From net investment income | (1.01) | (0.98) | (1.44) | (1.57) | (1.36) | ||||
From net realized gain | — | (0.13) | — | — | — | ||||
Total distributions | (1.01) | (1.11) | (1.44) | (1.57) | (1.36) | ||||
Net asset value, end of year | $43.84 | $53.11 | $54.01 | $52.36 | $48.54 | ||||
Total Return(d) | |||||||||
Based on net asset value | (15.73)%(e) | 0.39% | 5.98% | 11.28% | (2.07)% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | ||||
Total expenses after fees waived | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | ||||
Net investment income | 2.23% | 1.77% | 2.59% | 3.15% | 2.91% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $18,170,216 | $15,960,506 | $5,530,617 | $4,115,831 | $2,286,286 | ||||
Portfolio turnover rate(g)(h) | 141% | 223% | 180% | 172% | 253% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Includes payment from an affiliate, which had no impact on the Fund’s total return. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(h) Includes mortgage dollar roll transactions (“MDRs”). |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | NASDAQ |
Ticker: HYXF | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg MSCI US High Yield Choice ESG Screened Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
2 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in |
valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. | |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares ESG Advanced High Yield Corporate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $51.90 | $51.03 | $51.81 | $49.54 | $51.90 | ||||
Net investment income(a) | 2.13 | 1.97 | 2.41 | 2.88 | 2.93 | ||||
Net realized and unrealized gain (loss)(b) | (8.21) | 1.18 | (0.73) | 2.34 | (2.37) | ||||
Net increase (decrease) from investment operations | (6.08) | 3.15 | 1.68 | 5.22 | 0.56 | ||||
Distributions(c) | |||||||||
From net investment income | (2.21) | (2.07) | (2.46) | (2.95) | (2.92) | ||||
From net realized gain | (0.29) | (0.21) | — | — | — | ||||
Total distributions | (2.50) | (2.28) | (2.46) | (2.95) | (2.92) | ||||
Net asset value, end of year | $43.32 | $51.90 | $51.03 | $51.81 | $49.54 | ||||
Total Return(d) | |||||||||
Based on net asset value | (12.03)% | 6.25% | 3.42% | 10.88% | 1.13% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.35% | 0.35% | 0.47% | 0.50% | 0.50% | ||||
Net investment income | 4.53% | 3.78% | 4.78% | 5.70% | 5.80% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $129,965 | $124,566 | $61,235 | $23,316 | $9,908 | ||||
Portfolio turnover rate(f) | 23% | 43% | 85% | 24% | 24% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Fallen Angels USD Bond ETF | FALN | NASDAQ |
Ticker: FALN | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg US High Yield Fallen Angel 3% Capped Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares Fallen Angels USD Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $30.04 | $27.29 | $26.58 | $25.90 | $27.64 | ||||
Net investment income(a) | 1.10 | 1.06 | 1.54 | 1.50 | 1.50 | ||||
Net realized and unrealized gain (loss)(b) | (5.79) | 2.83 | 0.65 | 0.67 | (1.49) | ||||
Net increase (decrease) from investment operations | (4.69) | 3.89 | 2.19 | 2.17 | 0.01 | ||||
Distributions(c) | |||||||||
From net investment income | (1.14) | (1.14) | (1.48) | (1.49) | (1.42) | ||||
From net realized gain | — | — | — | — | (0.33) | ||||
Total distributions | (1.14) | (1.14) | (1.48) | (1.49) | (1.75) | ||||
Net asset value, end of year | $24.21 | $30.04 | $27.29 | $26.58 | $25.90 | ||||
Total Return(d) | |||||||||
Based on net asset value | (15.88)% | 14.45% | 8.68% | 8.70% | 0.04% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Net investment income | 4.02% | 3.57% | 5.84% | 5.73% | 5.65% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,677,473 | $4,676,501 | $321,971 | $143,525 | $67,337 | ||||
Portfolio turnover rate(f) | 26% | 21% | 51% | 23% | 29% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Floating Rate Bond ETF | FLOT | CBOE BZX |
Ticker: FLOT | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
|||||
Return After Taxes on Distributions1 |
|||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
|||||
Bloomberg US Floating Rate Note < 5 Years Index (Index returns do not reflect deductions for fees, expenses, or taxes) |
1 | |
iShares Floating Rate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $50.74 | $50.70 | $50.98 | $50.93 | $50.93 | ||||
Net investment income(a) | 0.73 | 0.22 | 0.83 | 1.44 | 1.19 | ||||
Net realized and unrealized gain (loss)(b) | (0.63) | 0.05 | (0.24) | 0.08 | (0.13) | ||||
Net increase from investment operations | 0.10 | 0.27 | 0.59 | 1.52 | 1.06 | ||||
Distributions from net investment income(c) | (0.52) | (0.23) | (0.87) | (1.47) | (1.06) | ||||
Net asset value, end of year | $50.32 | $50.74 | $50.70 | $50.98 | $50.93 | ||||
Total Return(d) | |||||||||
Based on net asset value | 0.21% | 0.52% | 1.19% | 3.02% | 2.11% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.15% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Net investment income | 1.46% | 0.43% | 1.64% | 2.84% | 2.33% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $9,177,515 | $7,001,546 | $5,592,224 | $9,940,510 | $11,832,089 | ||||
Portfolio turnover rate(f) | 39% | 38% | 29% | 23% | 17% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares GNMA Bond ETF | GNMA | NASDAQ |
Ticker: GNMA | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
- |
|||
Return After Taxes on Distributions1 |
- |
- |
- | ||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
- | ||
Bloomberg U.S. GNMA Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
iShares GNMA Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $49.88 | $50.93 | $50.35 | $47.67 | $49.74 | ||||
Net investment income(a) | 0.66 | 0.04 | 0.77 | 1.34 | 1.12 | ||||
Net realized and unrealized gain (loss)(b) | (7.31) | (0.61) | 0.82 | 2.69 | (2.05) | ||||
Net increase (decrease) from investment operations | (6.65) | (0.57) | 1.59 | 4.03 | (0.93) | ||||
Distributions(c) | |||||||||
From net investment income | (0.61) | (0.06) | (0.82) | (1.35) | (1.14) | ||||
Return of capital | — | (0.42) | (0.19) | — | (0.00)(d) | ||||
Total distributions | (0.61) | (0.48) | (1.01) | (1.35) | (1.14) | ||||
Net asset value, end of year | $42.62 | $49.88 | $50.93 | $50.35 | $47.67 | ||||
Total Return(e) | |||||||||
Based on net asset value | (13.42)% | (1.14)% | 3.18% | 8.55% | (1.90)% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.10% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Total expenses after fees waived | 0.09% | 0.13% | 0.12% | 0.13% | 0.12% | ||||
Net investment income | 1.41% | 0.08% | 1.51% | 2.71% | 2.31% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $330,278 | $483,847 | $481,283 | $178,753 | $102,483 | ||||
Portfolio turnover rate(g)(h) | 313% | 498% | 699% | 529% | 834% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Rounds to less than $0.01. | |||||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(h) Includes mortgage dollar roll transactions (“MDRs”). |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares High Yield Corporate Bond BuyWrite Strategy ETF | HYGW | CBOE BZX |
|
S-1 |
|
1 |
|
2 |
|
17 |
|
24 |
|
24 |
|
25 |
|
28 |
|
36 |
|
37 |
|
38 |
|
38 |
Ticker: HYGW | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 Year | 3 Years | |||
$ |
$ |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Underlying Fund before it matures. If the issuer redeems high yield securities held by the Underlying Fund, the Underlying Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's or Underlying Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund or the Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares High Yield Corporate Bond BuyWrite Strategy ETF | |
Period From 08/18/22(a) to 10/31/22 | |
Net asset value, beginning of period | $40.06 |
Net investment income(b) | 0.33 |
Net realized and unrealized loss(c) | (1.54) |
Net decrease from investment operations | (1.21) |
Distributions(d) | |
From net investment income | (1.30) |
Return of capital | (0.07) |
Total distributions | (1.37) |
Net asset value, end of period | $37.48 |
Total Return(e) | |
Based on net asset value | (3.02)%(f) |
Ratios to Average Net Assets(g) | |
Total expenses | 0.70%(h) |
Total expenses after fees waived | 0.20%(h) |
Net investment income | 4.25%(h) |
Supplemental Data | |
Net assets, end of period (000) | $9,370 |
Portfolio turnover rate(i) | 0% |
(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 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2023 Term High Yield and Income ETF* | IBHC | CBOE BZX |
Ticker: IBHC | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
Maturity | ||
$ |
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 |
- |
||
Bloomberg 2023 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of |
other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. | |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2023 Term High Yield and Income ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 05/07/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $24.57 | $23.62 | $24.73 | $25.00 | |||
Net investment income(b) | 0.71 | 1.08 | 1.33 | 0.69 | |||
Net realized and unrealized gain (loss)(c) | (1.17) | 1.04 | (1.08) | (0.40) | |||
Net increase (decrease) from investment operations | (0.46) | 2.12 | 0.25 | 0.29 | |||
Distributions from net investment income(d) | (0.72) | (1.17) | (1.36) | (0.56) | |||
Net asset value, end of period | $23.39 | $24.57 | $23.62 | $24.73 | |||
Total Return(e) | |||||||
Based on net asset value | (1.86)% | 9.12% | 1.16% | 1.19%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35%(h) | |||
Total expenses after fees waived | 0.35% | 0.35% | 0.35% | 0.35%(h) | |||
Net investment income | 3.00% | 4.40% | 5.67% | 5.73%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $168,431 | $83,546 | $16,533 | $12,364 | |||
Portfolio turnover rate(i) | 19% | 46% | 51% | 9% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2024 Term High Yield and Income ETF* | IBHD | CBOE BZX |
Ticker: IBHD | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | Maturity | |||
$ |
$ |
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 |
- |
||
Bloomberg 2024 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2024 Term High Yield and Income ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 05/07/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $24.63 | $23.38 | $25.21 | $25.00 | |||
Net investment income(b) | 1.09 | 1.08 | 1.33 | 0.68 | |||
Net realized and unrealized gain (loss)(c) | (2.12) | 1.33 | (1.79) | 0.09 | |||
Net increase (decrease) from investment operations | (1.03) | 2.41 | (0.46) | 0.77 | |||
Distributions from net investment income(d) | (1.02) | (1.16) | (1.37) | (0.56) | |||
Net asset value, end of period | $22.58 | $24.63 | $23.38 | $25.21 | |||
Total Return(e) | |||||||
Based on net asset value | (4.21)% | 10.42% | (1.72)% | 3.08%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35%(h) | |||
Total expenses after fees waived | 0.35% | 0.35% | 0.35% | 0.35%(h) | |||
Net investment income | 4.72% | 4.39% | 5.61% | 5.55%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $149,037 | $51,727 | $9,354 | $12,604 | |||
Portfolio turnover rate(i) | 24% | 44% | 42% | 10% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2025 Term High Yield and Income ETF* | IBHE | CBOE BZX |
Ticker: IBHE | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | Maturity | |||
$ |
$ |
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 |
- |
||
Bloomberg 2025 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2025 Term High Yield and Income ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 05/07/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $24.89 | $24.07 | $25.13 | $25.00 | |||
Net investment income(b) | 1.26 | 1.14 | 1.37 | 0.71 | |||
Net realized and unrealized gain (loss)(c) | (2.43) | 0.95 | (0.99) | 0.00(d) | |||
Net increase (decrease) from investment operations | (1.17) | 2.09 | 0.38 | 0.71 | |||
Distributions from net investment income(e) | (1.23) | (1.27) | (1.44) | (0.58) | |||
Net asset value, end of period | $22.49 | $24.89 | $24.07 | $25.13 | |||
Total Return(f) | |||||||
Based on net asset value | (4.77)% | 8.77% | 1.71% | 2.87%(g) | |||
Ratios to Average Net Assets(h) | |||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35%(i) | |||
Total expenses after fees waived | 0.35% | 0.35% | 0.35% | 0.35%(i) | |||
Net investment income | 5.37% | 4.58% | 5.73% | 5.84%(i) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $85,469 | $39,819 | $16,847 | $12,565 | |||
Portfolio turnover rate(j) | 20% | 29% | 42% | 5% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Rounds to less than $0.01. | |||||||
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(f) Where applicable, assumes the reinvestment of distributions. | |||||||
(g) Not annualized. | |||||||
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(i) Annualized. | |||||||
(j) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2026 Term High Yield and Income ETF* | IBHF | CBOE BZX |
Ticker: IBHF | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
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 |
- |
- | |
Bloomberg 2026 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2026 Term High Yield and Income ETF | |||
Year Ended 10/31/22 |
Period From 11/10/20(a) to 10/31/21 | ||
Net asset value, beginning of period | $25.40 | $25.00 | |
Net investment income(b) | 1.28 | 1.06 | |
Net realized and unrealized gain (loss)(c) | (3.15) | 0.37 | |
Net increase (decrease) from investment operations | (1.87) | 1.43 | |
Distributions from net investment income(d) | (1.26) | (1.03) | |
Net asset value, end of period | $22.27 | $25.40 | |
Total Return(e) | |||
Based on net asset value | (7.52)% | 5.79%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.35% | 0.35%(h) | |
Total expenses after fees waived | 0.35% | 0.35%(h) | |
Net investment income | 5.46% | 4.26%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $35,634 | $20,321 | |
Portfolio turnover rate(i) | 15% | 35% | |
(a) Commencement of operations. | |||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Where applicable, assumes the reinvestment of distributions. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2027 Term High Yield and Income ETF* | IBHG | CBOE BZX |
Ticker: IBHG | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
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 |
- |
- | |
Bloomberg 2027 Term High Yield and Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2027 Term High Yield and Income ETF | |||
Year Ended 10/31/22 |
Period From 07/07/21(a) to 10/31/21 | ||
Net asset value, beginning of period | $24.85 | $25.00 | |
Net investment income(b) | 1.01 | 0.25 | |
Net realized and unrealized loss(c) | (3.36) | (0.21) | |
Net increase (decrease) from investment operations | (2.35) | 0.04 | |
Distributions from net investment income(d) | (1.20) | (0.19) | |
Net asset value, end of period | $21.30 | $24.85 | |
Total Return(e) | |||
Based on net asset value | (9.71)% | 0.15%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.35% | 0.35%(h) | |
Total expenses after fees waived | 0.35% | 0.35%(h) | |
Net investment income | 4.41% | 3.19%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $14,907 | $12,425 | |
Portfolio turnover rate(i) | 13% | 3% | |
(a) Commencement of operations. | |||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Where applicable, assumes the reinvestment of distributions. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2028 Term High Yield and Income ETF* | IBHH | CBOE BZX |
Ticker: IBHH | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2028 Term High Yield and Income ETF | |
Period From 03/08/22(a) to 10/31/22 | |
Net asset value, beginning of period | $25.00 |
Net investment income(b) | 0.94 |
Net realized and unrealized loss(c) | (2.95) |
Net decrease from investment operations | (2.01) |
Distributions from net investment income | (0.80) |
Net asset value, end of period | $22.19 |
Total Return(d) | |
Based on net asset value | (8.10)%(e) |
Ratios to Average Net Assets(f) | |
Total expenses | 0.35%(g) |
Total expenses after fees waived | 0.35%(g) |
Net investment income | 6.26%(g) |
Supplemental Data | |
Net assets, end of period (000) | $11,093 |
Portfolio turnover rate(h) | 8%(e) |
(a) Commencement of operations. | |
(b) Based on average shares outstanding. | |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Where applicable, assumes the reinvestment of distributions. | |
(e) Not annualized. | |
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |
(g) Annualized. | |
(h) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds 2029 Term High Yield and Income ETF* | IBHI | CBOE BZX |
Ticker: IBHI | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when the Fund invests in BBB-rated bonds from the Corporate Index. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares iBonds 2029 Term High Yield and Income ETF | |
Period From 03/08/22(a) to 10/31/22 | |
Net asset value, beginning of period | $25.00 |
Net investment income(b) | 0.91 |
Net realized and unrealized loss(c) | (3.41) |
Net decrease from investment operations | (2.50) |
Distributions from net investment income(d) | (0.77) |
Net asset value, end of period | $21.73 |
Total Return(e) | |
Based on net asset value | (10.06)%(f) |
Ratios to Average Net Assets(g) | |
Total expenses | 0.35%(h) |
Total expenses after fees waived | 0.35%(h) |
Net investment income | 6.11%(h) |
Supplemental Data | |
Net assets, end of period (000) | $10,866 |
Portfolio turnover rate(i) | 14%(f) |
(a) Commencement of operations. | |
(b) Based on average shares outstanding. | |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Where applicable, assumes the reinvestment of distributions. | |
(f) Not annualized. | |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |
(h) Annualized. | |
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2023 Term Corporate ETF* | IBDO | NYSE ARCA |
Ticker: IBDO | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
Maturity | ||
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg December 2023 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2023 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $25.88 | $26.19 | $25.59 | $24.09 | $25.23 | ||||
Net investment income(a) | 0.43 | 0.48 | 0.68 | 0.79 | 0.76 | ||||
Net realized and unrealized gain (loss)(b) | (0.90) | (0.29) | 0.61 | 1.48 | (1.16) | ||||
Net increase (decrease) from investment operations | (0.47) | 0.19 | 1.29 | 2.27 | (0.40) | ||||
Distributions(c) | |||||||||
From net investment income | (0.43) | (0.50) | (0.69) | (0.77) | (0.73) | ||||
From net realized gain | (0.06) | — | — | — | (0.01) | ||||
Total distributions | (0.49) | (0.50) | (0.69) | (0.77) | (0.74) | ||||
Net asset value, end of year | $24.92 | $25.88 | $26.19 | $25.59 | $24.09 | ||||
Total Return(d) | |||||||||
Based on net asset value | (1.81)% | 0.72% | 5.13% | 9.59% | (1.61)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 1.71% | 1.83% | 2.62% | 3.18% | 3.12% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,976,347 | $1,666,474 | $1,306,696 | $872,725 | $478,261 | ||||
Portfolio turnover rate(f) | 14% | 12% | 12% | 5% | 8% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2023 Term Muni Bond ETF* | IBML | CBOE BZX |
Ticker: IBML | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
Maturity | ||
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
S&P AMT-Free Municipal Series Dec 2023 IndexTM(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2023 Term Muni Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $25.98 | $26.17 | $25.79 | $24.68 | $25.41 | ||||
Net investment income(a) | 0.29 | 0.30 | 0.39 | 0.45 | 0.43 | ||||
Net realized and unrealized gain (loss)(b) | (0.75) | (0.19) | 0.38 | 1.10 | (0.78) | ||||
Net increase (decrease) from investment operations | (0.46) | 0.11 | 0.77 | 1.55 | (0.35) | ||||
Distributions from net investment income(c) | (0.28) | (0.30) | (0.39) | (0.44) | (0.38) | ||||
Net asset value, end of year | $25.24 | $25.98 | $26.17 | $25.79 | $24.68 | ||||
Total Return(d) | |||||||||
Based on net asset value | (1.76)% | 0.43% | 3.02% | 6.31% | (1.37)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | ||||
Net investment income | 1.13% | 1.15% | 1.49% | 1.75% | 1.72% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $489,712 | $336,475 | $276,079 | $215,376 | $115,977 | ||||
Portfolio turnover rate(f) | 1% | 0%(g) | 1% | 0%(g) | 0%(g) | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(g) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2023 Term Treasury ETF* | IBTD | NASDAQ |
Ticker: IBTD | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
Maturity | ||
$ |
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 2023 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
2 | |
iShares iBonds Dec 2023 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.55 | $25.71 | $24.99 | ||
Net investment income(b) | 0.64 | 0.07 | 0.11 | ||
Net realized and unrealized gain (loss)(c) | (1.24) | (0.15) | 0.70 | ||
Net increase (decrease) from investment operations | (0.60) | (0.08) | 0.81 | ||
Distributions from net investment income(d) | (0.23) | (0.08) | (0.09) | ||
Net asset value, end of period | $24.72 | $25.55 | $25.71 | ||
Total Return(e) | |||||
Based on net asset value | (2.39)% | (0.30)% | 3.25%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 2.55% | 0.28% | 0.63%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $1,119,613 | $68,997 | $17,996 | ||
Portfolio turnover rate(i) | 29% | 10% | 1% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2024 Term Corporate ETF* | IBDP | NYSE ARCA |
Ticker: IBDP | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | Maturity | |||
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg December 2024 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2024 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $26.09 | $26.37 | $25.71 | $23.84 | $25.13 | ||||
Net investment income(a) | 0.48 | 0.49 | 0.70 | 0.84 | 0.81 | ||||
Net realized and unrealized gain (loss)(b) | (1.83) | (0.25) | 0.67 | 1.85 | (1.32) | ||||
Net increase (decrease) from investment operations | (1.35) | 0.24 | 1.37 | 2.69 | (0.51) | ||||
Distributions from net investment income(c) | (0.47) | (0.52) | (0.71) | (0.82) | (0.78) | ||||
Net asset value, end of year | $24.27 | $26.09 | $26.37 | $25.71 | $23.84 | ||||
Total Return(d) | |||||||||
Based on net asset value | (5.22)% | 0.90% | 5.44% | 11.48% | (2.06)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 1.90% | 1.88% | 2.69% | 3.37% | 3.35% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,954,074 | $1,504,316 | $1,034,878 | $649,122 | $299,203 | ||||
Portfolio turnover rate(f) | 9% | 9% | 8% | 14% | 6% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2024 Term Muni Bond ETF* | IBMM | CBOE BZX |
Ticker: IBMM | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | Maturity | |||
$ |
$ |
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 |
- |
||
S&P AMT-Free Municipal Series Dec 2024 IndexTM(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2024 Term Muni Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Period From 03/20/18(a) to 10/31/18 | |||||
Net asset value, beginning of period | $26.88 | $27.00 | $26.38 | $24.90 | $24.98 | ||||
Net investment income(b) | 0.28 | 0.24 | 0.36 | 0.48 | 0.32 | ||||
Net realized and unrealized gain (loss)(c) | (1.41) | (0.12) | 0.62 | 1.48 | (0.15) | ||||
Net increase (decrease) from investment operations | (1.13) | 0.12 | 0.98 | 1.96 | 0.17 | ||||
Distributions(d) | |||||||||
Distributions from net investment income | (0.25) | (0.24) | (0.36) | (0.48) | (0.25) | ||||
From net realized gain | — | — | (0.00)(e) | — | — | ||||
Total distributions | (0.25) | (0.24) | (0.36) | (0.48) | (0.25) | ||||
Net asset value, end of period | $25.50 | $26.88 | $27.00 | $26.38 | $24.90 | ||||
Total Return(f) | |||||||||
Based on net asset value | (4.20)% | 0.42% | 3.75% | 7.91% | 0.70%(g) | ||||
Ratios to Average Net Assets(h) | |||||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18% | 0.18%(i) | ||||
Net investment income | 1.08% | 0.90% | 1.35% | 1.85% | 2.08%(i) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $506,077 | $243,233 | $179,566 | $104,214 | $23,654 | ||||
Portfolio turnover rate(j) | 0% | 0% | 0%(k) | 0%(k) | 0%(k) | ||||
(a) Commencement of operations. | |||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Rounds to less than $0.01. | |||||||||
(f) Where applicable, assumes the reinvestment of distributions. | |||||||||
(g) Not annualized. | |||||||||
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(i) Annualized. | |||||||||
(j) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(k) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2024 Term Treasury ETF* | IBTE | NASDAQ |
Ticker: IBTE | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | Maturity | |||
$ |
$ |
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 2024 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2024 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.54 | $25.93 | $25.04 | ||
Net investment income(b) | 0.59 | 0.12 | 0.12 | ||
Net realized and unrealized gain (loss)(c) | (1.97) | (0.35) | 0.87 | ||
Net increase (decrease) from investment operations | (1.38) | (0.23) | 0.99 | ||
Distributions(d) | |||||
From net investment income | (0.31) | (0.14) | (0.10) | ||
From net realized gain | — | (0.02) | — | ||
Total distributions | (0.31) | (0.16) | (0.10) | ||
Net asset value, end of period | $23.85 | $25.54 | $25.93 | ||
Total Return(e) | |||||
Based on net asset value | (5.43)% | (0.90)% | 3.95%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 2.45% | 0.46% | 0.69%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $726,292 | $47,257 | $12,964 | ||
Portfolio turnover rate(i) | 63% | 112% | 7% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2025 Term Corporate ETF* | IBDQ | NYSE ARCA |
Ticker: IBDQ | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | Maturity | |||
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg December 2025 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2025 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $26.64 | $27.05 | $25.95 | $23.62 | $25.07 | ||||
Net investment income(a) | 0.51 | 0.52 | 0.71 | 0.85 | 0.84 | ||||
Net realized and unrealized gain (loss)(b) | (2.57) | (0.38) | 1.11 | 2.32 | (1.48) | ||||
Net increase (decrease) from investment operations | (2.06) | 0.14 | 1.82 | 3.17 | (0.64) | ||||
Distributions(c) | |||||||||
From net investment income | (0.50) | (0.53) | (0.72) | (0.84) | (0.81) | ||||
From net realized gain | (0.04) | (0.02) | — | — | — | ||||
Total distributions | (0.54) | (0.55) | (0.72) | (0.84) | (0.81) | ||||
Net asset value, end of year | $24.04 | $26.64 | $27.05 | $25.95 | $23.62 | ||||
Total Return(d) | |||||||||
Based on net asset value | (7.80)% | 0.51% | 7.16% | 13.68% | (2.58)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.04% | 1.92% | 2.70% | 3.42% | 3.48% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,478,692 | $1,256,130 | $845,365 | $508,532 | $330,724 | ||||
Portfolio turnover rate(f) | 11% | 8% | 14% | 6% | 5% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2025 Term Muni Bond ETF* | IBMN | CBOE BZX |
Ticker: IBMN | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | Maturity | |||
$ |
$ |
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 |
- |
||
S&P AMT-Free Municipal Series Dec 2025 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2025 Term Muni Bond ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 11/13/18(a) to 10/31/19 | ||||
Net asset value, beginning of period | $27.86 | $28.00 | $27.13 | $25.00 | |||
Net investment income(b) | 0.25 | 0.20 | 0.34 | 0.46 | |||
Net realized and unrealized gain (loss)(c) | (2.00) | (0.13) | 0.88 | 2.08 | |||
Net increase (decrease) from investment operations | (1.75) | 0.07 | 1.22 | 2.54 | |||
Distributions from net investment income(d) | (0.22) | (0.21) | (0.35) | (0.41) | |||
Net asset value, end of period | $25.89 | $27.86 | $28.00 | $27.13 | |||
Total Return(e) | |||||||
Based on net asset value | (6.31)% | 0.23% | 4.53% | 10.22%(f) | |||
Ratios to Average Net Assets | |||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18%(g) | |||
Net investment income | 0.93% | 0.73% | 1.21% | 1.76%(g) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $312,012 | $182,490 | $119,021 | $43,407 | |||
Portfolio turnover rate(h) | 0% | 0%(i) | 0%(i) | 0%(i) | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Annualized. | |||||||
(h) Portfolio turnover rate excludes in-kind transactions. | |||||||
(i) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2025 Term Treasury ETF* | IBTF | NASDAQ |
Ticker: IBTF | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | Maturity | |||
$ |
$ |
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 2025 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2025 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.44 | $26.07 | $25.07 | ||
Net investment income(b) | 0.55 | 0.15 | 0.13 | ||
Net realized and unrealized gain (loss)(c) | (2.48) | (0.62) | 0.97 | ||
Net increase (decrease) from investment operations | (1.93) | (0.47) | 1.10 | ||
Distributions from net investment income(d) | (0.30) | (0.16) | (0.10) | ||
Net asset value, end of period | $23.21 | $25.44 | $26.07 | ||
Total Return(e) | |||||
Based on net asset value | (7.64)% | (1.83)% | 4.39%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 2.30% | 0.58% | 0.71%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $338,810 | $21,623 | $15,642 | ||
Portfolio turnover rate(i) | 63% | 15% | 2% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2026 Term Corporate ETF* | IBDR | NYSE ARCA |
Ticker: IBDR | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg December 2026 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2026 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $26.22 | $26.72 | $25.50 | $22.94 | $24.53 | ||||
Net investment income(a) | 0.55 | 0.57 | 0.74 | 0.86 | 0.83 | ||||
Net realized and unrealized gain (loss)(b) | (3.32) | (0.49) | 1.22 | 2.54 | (1.63) | ||||
Net increase (decrease) from investment operations | (2.77) | 0.08 | 1.96 | 3.40 | (0.80) | ||||
Distributions from net investment income(c) | (0.53) | (0.58) | (0.74) | (0.84) | (0.79) | ||||
Net asset value, end of year | $22.92 | $26.22 | $26.72 | $25.50 | $22.94 | ||||
Total Return(d) | |||||||||
Based on net asset value | (10.69)% | 0.29% | 7.84% | 15.11% | (3.31)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.26% | 2.14% | 2.84% | 3.53% | 3.54% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $1,236,459 | $861,418 | $551,858 | $368,465 | $152,530 | ||||
Portfolio turnover rate(f) | 5% | 7% | 5% | 9% | 3% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2026 Term Muni Bond ETF* | IBMO | CBOE BZX |
Ticker: IBMO | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
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 |
- |
||
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2026 Term Muni Bond ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 04/02/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $26.78 | $26.81 | $25.89 | $25.00 | |||
Net investment income(b) | 0.21 | 0.18 | 0.30 | 0.21 | |||
Net realized and unrealized gain (loss)(c) | (2.23) | (0.03) | 0.92 | 0.87 | |||
Net increase (decrease) from investment operations | (2.02) | 0.15 | 1.22 | 1.08 | |||
Distributions from net investment income(d) | (0.19) | (0.18) | (0.30) | (0.19) | |||
Net asset value, end of period | $24.57 | $26.78 | $26.81 | $25.89 | |||
Total Return(e) | |||||||
Based on net asset value | (7.55)% | 0.54% | 4.80% | 4.28%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18%(h) | |||
Net investment income | 0.83% | 0.66% | 1.13% | 1.42%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $211,333 | $123,202 | $62,997 | $20,711 | |||
Portfolio turnover rate(i) | 2% | 2% | 0% | 0% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2026 Term Treasury ETF* | IBTG | NASDAQ |
Ticker: IBTG | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
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 2026 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2026 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.33 | $26.15 | $25.02 | ||
Net investment income(b) | 0.50 | 0.16 | 0.12 | ||
Net realized and unrealized gain (loss)(c) | (2.95) | (0.82) | 1.11 | ||
Net increase (decrease) from investment operations | (2.45) | (0.66) | 1.23 | ||
Distributions from net investment income(d) | (0.35) | (0.16) | (0.10) | ||
Net asset value, end of period | $22.53 | $25.33 | $26.15 | ||
Total Return(e) | |||||
Based on net asset value | (9.70)% | (2.55)% | 4.90%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 2.11% | 0.62% | 0.69%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $121,681 | $16,462 | $22,230 | ||
Portfolio turnover rate(i) | 76% | 41% | 5% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2027 Term Corporate ETF* | IBDS | NYSE ARCA |
Ticker: IBDS | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg December 2027 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2027 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $26.68 | $27.00 | $25.94 | $23.18 | $24.96 | ||||
Net investment income(a) | 0.67 | 0.59 | 0.77 | 0.89 | 0.89 | ||||
Net realized and unrealized gain (loss)(b) | (3.92) | (0.30) | 1.07 | 2.75 | (1.79) | ||||
Net increase (decrease) from investment operations | (3.25) | 0.29 | 1.84 | 3.64 | (0.90) | ||||
Distributions from net investment income(c) | (0.61) | (0.61) | (0.78) | (0.88) | (0.88) | ||||
Net asset value, end of year | $22.82 | $26.68 | $27.00 | $25.94 | $23.18 | ||||
Total Return(d) | |||||||||
Based on net asset value | (12.31)% | 1.01% | 7.21% | 16.00% | (3.67)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.73% | 2.18% | 2.94% | 3.60% | 3.75% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $881,858 | $522,869 | $337,505 | $250,336 | $136,744 | ||||
Portfolio turnover rate(f) | 10% | 4% | 10% | 4% | 5% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2027 Term Muni Bond ETF* | IBMP | CBOE BZX |
Ticker: IBMP | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
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 |
- |
||
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2027 Term Muni Bond ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 04/09/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $26.87 | $26.92 | $25.97 | $25.00 | |||
Net investment income(b) | 0.32 | 0.24 | 0.33 | 0.22 | |||
Net realized and unrealized gain (loss)(c) | (2.62) | (0.05) | 0.95 | 0.95 | |||
Net increase (decrease) from investment operations | (2.30) | 0.19 | 1.28 | 1.17 | |||
Distributions from net investment income(d) | (0.26) | (0.24) | (0.33) | (0.20) | |||
Net asset value, end of period | $24.31 | $26.87 | $26.92 | $25.97 | |||
Total Return(e) | |||||||
Based on net asset value | (8.60)% | 0.72% | 5.00% | 4.63%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18%(h) | |||
Net investment income | 1.26% | 0.89% | 1.24% | 1.53%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $172,573 | $61,802 | $37,687 | $16,877 | |||
Portfolio turnover rate(i) | 0% | 0%(j) | 0% | 0% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. | |||||||
(j) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2027 Term Treasury ETF* | IBTH | NASDAQ |
Ticker: IBTH | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | Maturity | ||
$ |
$ |
$ |
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 2027 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2027 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.15 | $26.19 | $25.05 | ||
Net investment income(b) | 0.45 | 0.20 | 0.12 | ||
Net realized and unrealized gain (loss)(c) | (3.24) | (1.06) | 1.11 | ||
Net increase (decrease) from investment operations | (2.79) | (0.86) | 1.23 | ||
Distributions from net investment income(d) | (0.34) | (0.18) | (0.09) | ||
Net asset value, end of period | $22.02 | $25.15 | $26.19 | ||
Total Return(e) | |||||
Based on net asset value | (11.18)% | (3.31)% | 4.92%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 1.92% | 0.78% | 0.66%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $136,548 | $31,443 | $14,405 | ||
Portfolio turnover rate(i) | 58% | 18% | 45% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2028 Term Corporate ETF* | IBDT | NYSE ARCA |
Ticker: IBDT | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 |
- |
||
Bloomberg December 2028 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2028 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Period From 09/18/18(a) to 10/31/18 | |||||
Net asset value, beginning of period | $28.52 | $28.91 | $27.76 | $24.77 | $25.00 | ||||
Net investment income(b) | 0.79 | 0.71 | 0.86 | 1.01 | 0.12 | ||||
Net realized and unrealized gain (loss)(c) | (4.94) | (0.38) | 1.13 | 3.06 | (0.35) | ||||
Net increase (decrease) from investment operations | (4.15) | 0.33 | 1.99 | 4.07 | (0.23) | ||||
Distributions(d) | |||||||||
Distributions from net investment income | (0.73) | (0.72) | (0.84) | (1.08) | — | ||||
From net realized gain | — | — | (0.00)(e) | — | — | ||||
Total distributions | (0.73) | (0.72) | (0.84) | (1.08) | — | ||||
Net asset value, end of period | $23.64 | $28.52 | $28.91 | $27.76 | $24.77 | ||||
Total Return(f) | |||||||||
Based on net asset value | (14.77)% | 1.09% | 7.33% | 16.87% | (0.92)%(g) | ||||
Ratios to Average Net Assets(h) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10%(i) | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10%(i) | ||||
Net investment income | 3.08% | 2.45% | 3.04% | 3.79% | 4.22%(i) | ||||
Supplemental Data | |||||||||
Net assets, end of period (000) | $553,093 | $305,120 | $206,673 | $112,437 | $38,399 | ||||
Portfolio turnover rate(j) | 8% | 10% | 7% | 6% | 0% | ||||
(a) Commencement of operations. | |||||||||
(b) Based on average shares outstanding. | |||||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(e) Rounds to less than $0.01. | |||||||||
(f) Where applicable, assumes the reinvestment of distributions. | |||||||||
(g) Not annualized. | |||||||||
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(i) Annualized. | |||||||||
(j) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2028 Term Muni Bond ETF* | IBMQ | CBOE BZX |
Ticker: IBMQ | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 |
- |
||
S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
iShares iBonds Dec 2028 Term Muni Bond ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 04/16/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $27.07 | $27.12 | $26.10 | $25.00 | |||
Net investment income(b) | 0.30 | 0.30 | 0.36 | 0.21 | |||
Net realized and unrealized gain (loss)(c) | (2.94) | (0.05) | 1.00 | 1.08 | |||
Net increase (decrease) from investment operations | (2.64) | 0.25 | 1.36 | 1.29 | |||
Distributions from net investment income(d) | (0.29) | (0.30) | (0.34) | (0.19) | |||
Net asset value, end of period | $24.14 | $27.07 | $27.12 | $26.10 | |||
Total Return(e) | |||||||
Based on net asset value | (9.82)% | 0.90% | 5.26% | 5.15%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.18% | 0.18% | 0.18% | 0.18%(h) | |||
Net investment income | 1.18% | 1.08% | 1.33% | 1.49%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $97,758 | $71,733 | $51,525 | $24,796 | |||
Portfolio turnover rate(i) | 0% | 0% | 0% | 0% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2028 Term Treasury ETF* | IBTI | NASDAQ |
Ticker: IBTI | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 2028 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2028 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.14 | $26.30 | $25.14 | ||
Net investment income(b) | 0.36 | 0.21 | 0.13 | ||
Net realized and unrealized gain (loss)(c) | (3.54) | (1.17) | 1.13 | ||
Net increase (decrease) from investment operations | (3.18) | (0.96) | 1.26 | ||
Distributions from net investment income(d) | (0.31) | (0.20) | (0.10) | ||
Net asset value, end of period | $21.65 | $25.14 | $26.30 | ||
Total Return(e) | |||||
Based on net asset value | (12.70)% | (3.71)% | 5.01%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 1.54% | 0.83% | 0.71%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $34,637 | $18,852 | $14,467 | ||
Portfolio turnover rate(i) | 34% | 73% | 10% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2029 Term Corporate ETF* | IBDU | NYSE ARCA |
Ticker: IBDU | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 |
- |
- | |
Bloomberg December 2029 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
iShares iBonds Dec 2029 Term Corporate ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 09/17/19(a) to 10/31/19 | ||||
Net asset value, beginning of period | $26.48 | $26.88 | $25.53 | $25.00 | |||
Net investment income(b) | 0.75 | 0.61 | 0.70 | 0.09 | |||
Net realized and unrealized gain (loss)(c) | (4.98) | (0.40) | 1.35 | 0.44 | |||
Net increase (decrease) from investment operations | (4.23) | 0.21 | 2.05 | 0.53 | |||
Distributions from net investment income(d) | (0.66) | (0.61) | (0.70) | — | |||
Net asset value, end of period | $21.59 | $26.48 | $26.88 | $25.53 | |||
Total Return(e) | |||||||
Based on net asset value | (16.19)% | 0.78% | 8.17% | 2.12%(f) | |||
Ratios to Average Net Assets(g) | |||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10%(h) | |||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10%(h) | |||
Net investment income | 3.20% | 2.28% | 2.69% | 2.84%(h) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $282,836 | $141,681 | $84,656 | $17,872 | |||
Portfolio turnover rate(i) | 12% | 4% | 9% | 1% | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Not annualized. | |||||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(h) Annualized. | |||||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2029 Term Treasury ETF* | IBTJ | NASDAQ |
Ticker: IBTJ | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 2029 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2029 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 02/25/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.02 | $26.27 | $25.04 | ||
Net investment income(b) | 0.39 | 0.19 | 0.14 | ||
Net realized and unrealized gain (loss)(c) | (3.81) | (1.25) | 1.20 | ||
Net increase (decrease) from investment operations | (3.42) | (1.06) | 1.34 | ||
Distributions from net investment income(d) | (0.28) | (0.19) | (0.11) | ||
Net asset value, end of period | $21.32 | $25.02 | $26.27 | ||
Total Return(e) | |||||
Based on net asset value | (13.72)% | (4.08)% | 5.35%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 1.68% | 0.74% | 0.78%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $38,370 | $17,512 | $23,645 | ||
Portfolio turnover rate(i) | 51% | 0%(j) | 19% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. | |||||
(j) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2030 Term Corporate ETF* | IBDV | NYSE ARCA |
Ticker: IBDV | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 |
- |
- | |
Bloomberg December 2030 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
iShares iBonds Dec 2030 Term Corporate ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 06/23/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $25.16 | $25.56 | $25.17 | ||
Net investment income(b) | 0.62 | 0.51 | 0.18 | ||
Net realized and unrealized gain (loss)(c) | (5.08) | (0.42) | 0.33 | ||
Net increase (decrease) from investment operations | (4.46) | 0.09 | 0.51 | ||
Distributions from net investment income(d) | (0.57) | (0.49) | (0.12) | ||
Net asset value, end of period | $20.13 | $25.16 | $25.56 | ||
Total Return(e) | |||||
Based on net asset value | (17.98)% | 0.36% | 2.03%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.10% | 0.10% | 0.10%(h) | ||
Total expenses after fees waived | 0.10% | 0.10% | 0.10%(h) | ||
Net investment income | 2.74% | 2.01% | 1.93%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $185,187 | $139,655 | $35,783 | ||
Portfolio turnover rate(i) | 7% | 4% | 4% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2030 Term Treasury ETF* | IBTK | NASDAQ |
Ticker: IBTK | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 2030 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2030 Term Treasury ETF | |||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Period From 07/14/20(a) to 10/31/20 | |||
Net asset value, beginning of period | $23.28 | $24.58 | $25.06 | ||
Net investment income(b) | 0.49 | 0.20 | 0.04 | ||
Net realized and unrealized loss(c) | (4.11) | (1.32) | (0.49) | ||
Net decrease from investment operations | (3.62) | (1.12) | (0.45) | ||
Distributions from net investment income(d) | (0.34) | (0.18) | (0.03) | ||
Net asset value, end of period | $19.32 | $23.28 | $24.58 | ||
Total Return(e) | |||||
Based on net asset value | (15.69)% | (4.58)% | (1.81)%(f) | ||
Ratios to Average Net Assets(g) | |||||
Total expenses | 0.07% | 0.07% | 0.07%(h) | ||
Total expenses after fees waived | 0.07% | 0.07% | 0.07%(h) | ||
Net investment income | 2.36% | 0.83% | 0.53%(h) | ||
Supplemental Data | |||||
Net assets, end of period (000) | $74,378 | $3,493 | $2,458 | ||
Portfolio turnover rate(i) | 0%(j) | 37% | 36% | ||
(a) Commencement of operations. | |||||
(b) Based on average shares outstanding. | |||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||
(f) Not annualized. | |||||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||
(h) Annualized. | |||||
(i) Portfolio turnover rate excludes in-kind transactions. | |||||
(j) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2031 Term Corporate ETF* | IBDW | NYSE ARCA |
Ticker: IBDW | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 |
- |
- | |
Bloomberg December 2031 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
iShares iBonds Dec 2031 Term Corporate ETF | |||
Year Ended 10/31/22 |
Period From 06/22/21(a) to 10/31/21 | ||
Net asset value, beginning of period | $24.89 | $25.00 | |
Net investment income(b) | 0.79 | 0.20 | |
Net realized and unrealized loss(c) | (5.75) | (0.17) | |
Net increase (decrease) from investment operations | (4.96) | 0.03 | |
Distributions from net investment income(d) | (0.63) | (0.14) | |
Net asset value, end of period | $19.30 | $24.89 | |
Total Return(e) | |||
Based on net asset value | (20.24)% | 0.16%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.10% | 0.10%(h) | |
Total expenses after fees waived | 0.10% | 0.10%(h) | |
Net investment income | 3.72% | 2.21%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $103,263 | $16,181 | |
Portfolio turnover rate(i) | 5% | 15% | |
(a) Commencement of operations. | |||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Where applicable, assumes the reinvestment of distributions. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2031 Term Treasury ETF* | IBTL | NASDAQ |
Ticker: IBTL | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | Maturity | |||
$ |
$ |
$ |
$ |
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 2031 Maturity US Treasury Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
2 | |
iShares iBonds Dec 2031 Term Treasury ETF | |||
Year Ended 10/31/22 |
Period From 07/13/21(a) to 10/31/21 | ||
Net asset value, beginning of period | $24.65 | $24.91 | |
Net investment income(b) | 0.55 | 0.10 | |
Net realized and unrealized loss(c) | (4.63) | (0.30) | |
Net decrease from investment operations | (4.08) | (0.20) | |
Distributions(d) | |||
From net investment income | (0.39) | (0.06) | |
From net realized gain | (0.02) | — | |
Total distributions | (0.41) | (0.06) | |
Net asset value, end of period | $20.16 | $24.65 | |
Total Return(e) | |||
Based on net asset value | (16.73)% | (0.81)%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.07% | 0.07%(h) | |
Total expenses after fees waived | 0.07% | 0.07%(h) | |
Net investment income | 2.54% | 1.29%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $14,111 | $2,465 | |
Portfolio turnover rate(i) | 10% | 26% | |
(a) Commencement of operations. | |||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Where applicable, assumes the reinvestment of distributions. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2032 Term Corporate ETF* | IBDX | NYSE ARCA |
Ticker: IBDX | Stock Exchange: NYSE ARCA |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | |||
$ |
$ |
iShares iBonds Dec 2032 Term Corporate ETF | |
Period From 06/28/22(a) to 10/31/22 | |
Net asset value, beginning of period | $24.98 |
Net investment income(b) | 0.42 |
Net realized and unrealized loss(c) | (1.74) |
Net decrease from investment operations | (1.32) |
Distributions from net investment income(d) | (0.29) |
Net asset value, end of period | $23.37 |
Total Return(e) | |
Based on net asset value | (5.34)%(f) |
Ratios to Average Net Assets(g) | |
Total expenses | 0.10%(h) |
Total expenses after fees waived | 0.10%(h) |
Net investment income | 4.97%(h) |
Supplemental Data | |
Net assets, end of period (000) | $16,361 |
Portfolio turnover rate(i) | 4% |
(a) Commencement of operations. | |
(b) Based on average shares outstanding. | |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Where applicable, assumes the reinvestment of distributions. | |
(f) Not annualized. | |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |
(h) Annualized. | |
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Dec 2032 Term Treasury ETF* | IBTM | NASDAQ |
Ticker: IBTM | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | |||
$ |
$ |
iShares iBonds Dec 2032 Term Treasury ETF | |
Period From 07/06/22(a) to 10/31/22 | |
Net asset value, beginning of period | $24.88 |
Net investment income(b) | 0.23 |
Net realized and unrealized loss(c) | (2.25) |
Net decrease from investment operations | (2.02) |
Distributions from net investment income(d) | (0.14) |
Net asset value, end of period | $22.72 |
Total Return(e) | |
Based on net asset value | (8.16)%(f) |
Ratios to Average Net Assets(g) | |
Total expenses | 0.07%(h) |
Total expenses after fees waived | 0.07%(h) |
Net investment income | 2.97%(h) |
Supplemental Data | |
Net assets, end of period (000) | $4,543 |
Portfolio turnover rate(i) | 47% |
(a) Commencement of operations. | |
(b) Based on average shares outstanding. | |
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Where applicable, assumes the reinvestment of distributions. | |
(f) Not annualized. | |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |
(h) Annualized. | |
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Mar 2023 Term Corporate ETF* | IBDD | NYSE ARCA |
|
S-1 |
|
1 |
|
2 |
|
15 |
|
21 |
|
21 |
|
23 |
|
26 |
|
34 |
|
35 |
|
36 |
|
36 |
Ticker: IBDD | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses2 |
Total Annual Fund Operating Expenses |
Fee Waiver2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
Maturity | ||
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
|||||
Return After Taxes on Distributions1 |
|||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
|||||
Bloomberg 2023 Maturity Corporate Index (Index returns do not reflect deductions for fees, expenses or taxes) |
1 | |
iShares iBonds Mar 2023 Term Corporate ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $26.89 | $27.31 | $26.89 | $25.53 | $26.66 | ||||
Net investment income(a) | 0.53 | 0.55 | 0.70 | 0.76 | 0.76 | ||||
Net realized and unrealized gain (loss)(b) | (0.47) | (0.40) | 0.43 | 1.36 | (1.12) | ||||
Net increase (decrease) from investment operations | 0.06 | 0.15 | 1.13 | 2.12 | (0.36) | ||||
Distributions from net investment income(c) | (0.51) | (0.57) | (0.71) | (0.76) | (0.77) | ||||
Net asset value, end of year | $26.44 | $26.89 | $27.31 | $26.89 | $25.53 | ||||
Total Return(d) | |||||||||
Based on net asset value | 0.23% | 0.56% | 4.27% | 8.43% | (1.37)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.09% | 0.09% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 1.99% | 2.01% | 2.59% | 2.89% | 2.95% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $81,954 | $68,574 | $72,383 | $79,335 | $59,995 | ||||
Portfolio turnover rate(f) | 5% | 13% | 13% | 5% | 3% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF* | IBCE | NYSE ARCA |
Ticker: IBCE | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses1,2 |
Total Annual Fund Operating Expenses |
Fee Waiver1,2 | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
Maturity | ||
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
|||||
Return After Taxes on Distributions1 |
|||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
|||||
Bloomberg 2023 Maturity High Quality Corporate Index (Index returns do not reflect deductions for fees, expenses or taxes) |
1 | |
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $24.64 | $25.06 | $24.65 | $23.44 | $24.47 | ||||
Net investment income(a) | 0.52 | 0.50 | 0.61 | 0.65 | 0.66 | ||||
Net realized and unrealized gain (loss)(b) | (0.46) | (0.41) | 0.44 | 1.22 | (1.04) | ||||
Net increase (decrease) from investment operations | 0.06 | 0.09 | 1.05 | 1.87 | (0.38) | ||||
Distributions from net investment income(c) | (0.49) | (0.51) | (0.64) | (0.66) | (0.65) | ||||
Net asset value, end of year | $24.21 | $24.64 | $25.06 | $24.65 | $23.44 | ||||
Total Return(d) | |||||||||
Based on net asset value | 0.31% | 0.33% | 4.33% | 8.07% | (1.54)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | ||||
Net investment income | 2.12% | 2.01% | 2.46% | 2.71% | 2.76% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $38,744 | $30,796 | $27,563 | $25,886 | $44,535 | ||||
Portfolio turnover rate(f) | 6% | 9% | 9% | 9% | 5% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares International Treasury Bond ETF | IGOV | NASDAQ |
Ticker: IGOV | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
- |
- | ||
Return After Taxes on Distributions1 |
- |
- |
- | ||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
- | ||
FTSE World Government Bond Index – Developed Markets Capped Select Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
- |
1 | |
2 | |
iShares International Treasury Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $51.00 | $52.95 | $50.76 | $47.45 | $48.72 | ||||
Net investment income(a) | 0.11 | 0.08 | 0.21 | 0.30 | 0.33 | ||||
Net realized and unrealized gain (loss)(b) | (14.03) | (2.03) | 2.10 | 3.16 | (1.58) | ||||
Net increase (decrease) from investment operations | (13.92) | (1.95) | 2.31 | 3.46 | (1.25) | ||||
Distributions from net investment income(c) | (0.20) | — | (0.12) | (0.15) | (0.02) | ||||
Net asset value, end of year | $36.88 | $51.00 | $52.95 | $50.76 | $47.45 | ||||
Total Return(d) | |||||||||
Based on net asset value | (27.42)% | (3.68)% | 4.57% | 7.31% | (2.57)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | ||||
Net investment income | 0.26% | 0.14% | 0.41% | 0.62% | 0.66% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $916,358 | $1,183,210 | $1,082,929 | $903,457 | $851,684 | ||||
Portfolio turnover rate(f) | 24% | 21% | 41% | 9% | 10% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | LQDW | CBOE BZX |
|
S-1 |
|
1 |
|
2 |
|
17 |
|
22 |
|
22 |
|
23 |
|
26 |
|
35 |
|
36 |
|
37 |
|
37 |
Ticker: LQDW | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 Year | 3 Years | |||
$ |
$ |
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | |
Period From 08/18/22(a) to 10/31/22 | |
Net asset value, beginning of period | $40.10 |
Net investment income(b) | 0.17 |
Net realized and unrealized loss(c) | (3.40) |
Net decrease from investment operations | (3.23) |
Distributions(d) | |
From net investment income | (0.86) |
Return of capital | (0.13) |
Total distributions | (0.99) |
Net asset value, end of period | $35.88 |
Total Return(e) | |
Based on net asset value | (8.14)%(f) |
Ratios to Average Net Assets(g) | |
Total expenses | 0.35%(h) |
Total expenses after fees waived | 0.20%(h) |
Net investment income | 2.32%(h) |
Supplemental Data | |
Net assets, end of period (000) | $12,559 |
Portfolio turnover rate(i) | 0%(j) |
(a) Commencement of operations. | |
(b) Based on average shares outstanding. | |
(c) The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
(e) Where applicable, assumes the reinvestment of distributions. | |
(f) Not annualized. | |
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |
(h) Annualized. | |
(i) Portfolio turnover rate excludes in-kind transactions. | |
(j) Rounds to less than 1%. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares J.P. Morgan Broad USD Emerging Markets Bond ETF | BEMB | CBOE BZX |
Ticker: BEMB | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | |||||
( |
1 | |
1 Year | 3 Years | |||
$ |
$ |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in certain Eastern European countries; |
■ | Risks in connection with the maintenance of the Fund's portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund's ownership rights in portfolio securities could be lost through fraud or negligence as a result of the fact that ownership in shares of certain Eastern European companies is recorded by the companies themselves and by registrars, rather than a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because certain Eastern European banking institutions and registrars are not guaranteed by their respective governments; and |
■ | Risks in connection with Eastern European countries' dependence on the economic health of Western European countries and the European Union (the “EU”) as a whole. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in |
valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. | |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ |
Ticker: EMB | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
- |
|||
Return After Taxes on Distributions1 |
- |
- |
- | ||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
- | ||
J.P. Morgan EMBI Global Core Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in certain Eastern European countries; |
■ | Risks in connection with the maintenance of the Fund's portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund's ownership rights in portfolio securities could be lost through fraud or negligence as a result of the fact that ownership in shares of certain Eastern European companies is recorded by the companies themselves and by registrars, rather than a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because certain Eastern European banking institutions and registrars are not guaranteed by their respective governments; and |
■ | Risks in connection with Eastern European countries' dependence on the economic health of Western European countries and the EU as a whole. |
iShares J.P. Morgan USD Emerging Markets Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $109.65 | $109.82 | $113.14 | $104.57 | $115.92 | ||||
Net investment income(a) | 4.17 | 4.32 | 4.63 | 5.25 | 5.07 | ||||
Net realized and unrealized gain (loss)(b) | (30.34) | (0.14) | (3.39) | 9.44 | (11.50) | ||||
Net increase (decrease) from investment operations | (26.17) | 4.18 | 1.24 | 14.69 | (6.43) | ||||
Distributions from net investment income(c) | (4.28) | (4.35) | (4.56) | (6.12) | (4.92) | ||||
Net asset value, end of year | $79.20 | $109.65 | $109.82 | $113.14 | $104.57 | ||||
Total Return(d) | |||||||||
Based on net asset value | (24.42)% | 3.80% | 1.20% | 14.50% | (5.68)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% | ||||
Net investment income | 4.44% | 3.86% | 4.22% | 4.81% | 4.60% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $13,669,169 | $19,637,828 | $17,208,257 | $14,482,306 | $14,744,730 | ||||
Portfolio turnover rate(f) | 8% | 7% | 10% | 11% | 15% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares TIPS Bond ETF | TIP | NYSE ARCA |
Ticker: TIP | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
||||
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
||||
ICE U.S. Treasury Inflation Linked Bond Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
2 | |
iShares TIPS Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $128.61 | $125.29 | $116.11 | $108.83 | $113.73 | ||||
Net investment income(a) | 7.63 | 4.90 | 1.56 | 2.11 | 3.14 | ||||
Net realized and unrealized gain (loss)(b) | (21.96) | 3.33 | 8.87 | 7.41 | (4.63) | ||||
Net increase (decrease) from investment operations | (14.33) | 8.23 | 10.43 | 9.52 | (1.49) | ||||
Distributions from net investment income(c) | (8.02) | (4.91) | (1.25) | (2.24) | (3.41) | ||||
Net asset value, end of year | $106.26 | $128.61 | $125.29 | $116.11 | $108.83 | ||||
Total Return(d) | |||||||||
Based on net asset value | (11.62)% | 6.67% | 9.02% | 8.80% | (1.36)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | ||||
Net investment income | 6.36% | 3.84% | 1.29% | 1.87% | 2.80% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $24,981,866 | $35,868,635 | $23,956,337 | $20,436,063 | $22,223,190 | ||||
Portfolio turnover rate(f) | 20% | 34% | 53% | 17% | 21% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Treasury Floating Rate Bond ETF | TFLO | NYSE ARCA |
Ticker: TFLO | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
|||||
Return After Taxes on Distributions1 |
|||||
Return After Taxes on Distributions and Sale of Fund Shares1 |
|||||
Bloomberg U.S. Treasury Floating Rate Index (Index returns do not reflect deductions for fees, expenses, or taxes) |
1 | |
iShares Treasury Floating Rate Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $50.26 | $50.29 | $50.28 | $50.31 | $50.24 | ||||
Net investment income (loss)(a) | 1.05 | (0.01) | 0.31 | 1.08 | 0.92 | ||||
Net realized and unrealized gain (loss)(b) | (0.44) | (0.01) | 0.08 | (0.04) | (0.07) | ||||
Net increase (decrease) from investment operations | 0.61 | (0.02) | 0.39 | 1.04 | 0.85 | ||||
Distributions(c) | |||||||||
Distributions from net investment income | (0.37) | (0.01) | (0.38) | (1.07) | (0.78) | ||||
From net realized gain | (0.00)(d) | (0.00)(d) | — | — | — | ||||
Total distributions | (0.37) | (0.01) | (0.38) | (1.07) | (0.78) | ||||
Net asset value, end of year | $50.50 | $50.26 | $50.29 | $50.28 | $50.31 | ||||
Total Return(e) | |||||||||
Based on net asset value | 1.22% | (0.04)% | 0.78% | 2.09% | 1.70% | ||||
Ratios to Average Net Assets(f) | |||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | ||||
Net investment income (loss) | 2.08% | (0.02)% | 0.62% | 2.15% | 1.83% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $3,782,823 | $261,364 | $407,351 | $507,830 | $306,913 | ||||
Portfolio turnover rate(g) | 6% | 74% | 44% | 20% | 17% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Rounds to less than $0.01. | |||||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||||
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(g) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares USD Green Bond ETF | BGRN | NASDAQ |
Ticker: BGRN | Stock Exchange: Nasdaq |
(ongoing expenses that you pay each year as a percentage of the value of your investments)1 | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses2 |
Total Annual Fund Operating Expenses | |||
1 | |
2 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
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 |
- |
- | |
Bloomberg MSCI Global Green Bond Select (USD Hedged) Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- | |
Bloomberg MSCI USD Green Bond Select Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
1 | |
2 | |
iShares USD Green Bond ETF | |||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Period From 11/13/18(a) to 10/31/19 | ||||
Net asset value, beginning of period | $54.46 | $55.61 | $55.00 | $50.00 | |||
Net investment income(b) | 1.06 | 0.30 | 0.49 | 0.77 | |||
Net realized and unrealized gain (loss)(c) | (9.49) | (1.29) | 2.10 | 5.19 | |||
Net increase (decrease) from investment operations | (8.43) | (0.99) | 2.59 | 5.96 | |||
Distributions(d) | |||||||
From net investment income | (1.25) | (0.16) | (1.64) | (0.96) | |||
From net realized gain | — | — | (0.34) | — | |||
Total distributions | (1.25) | (0.16) | (1.98) | (0.96) | |||
Net asset value, end of period | $44.78 | $54.46 | $55.61 | $55.00 | |||
Total Return(e) | |||||||
Based on net asset value | (15.69)% | (1.82)% | 4.89%(f) | 11.99%(g) | |||
Ratios to Average Net Assets(h) | |||||||
Total expenses | 0.21% | 0.25% | 0.25% | 0.25%(i) | |||
Total expenses after fees waived | 0.12% | 0.20% | 0.20% | 0.20%(i) | |||
Net investment income | 2.13% | 0.55% | 0.90% | 1.51%(i) | |||
Supplemental Data | |||||||
Net assets, end of period (000) | $279,846 | $236,907 | $133,471 | $33,001 | |||
Portfolio turnover rate(j) | 94% | 24% | 16% | 21%(g) | |||
(a) Commencement of operations. | |||||||
(b) Based on average shares outstanding. | |||||||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||
(e) Where applicable, assumes the reinvestment of distributions. | |||||||
(f) Includes payment received from an affiliate, which had no impact on the Fund’s total return. | |||||||
(g) Not annualized. | |||||||
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||
(i) Annualized. | |||||||
(j) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares U.S. Fixed Income Balanced Risk Factor ETF | FIBR | CBOE BZX |
Ticker: FIBR | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
1 |
One Year | Five Years | Since Predecessor Fund Inception | |||
(Predecessor Fund Inception Date: |
|||||
Return Before Taxes |
- |
- |
|||
Return After Taxes on Distributions1 |
- |
- |
- | ||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
- | ||
Bloomberg U.S. Fixed Income Balanced Risk Index2(Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 |
2 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its |
market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. | |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
iShares U.S. Fixed Income Balanced Risk Factor ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $100.00 | $101.38 | $101.55 | $95.83 | $100.57 | ||||
Net investment income(a) | 2.44 | 1.81 | 2.67 | 3.51 | 3.15 | ||||
Net realized and unrealized gain (loss)(b) | (18.32) | (1.22) | 0.11 | 5.73 | (4.88) | ||||
Net increase (decrease) from investment operations | (15.88) | 0.59 | 2.78 | 9.24 | (1.73) | ||||
Distributions(c) | |||||||||
From net investment income | (2.24) | (1.97) | (2.87) | (3.52) | (3.01) | ||||
Return of capital | — | — | (0.08) | — | — | ||||
Total distributions | (2.24) | (1.97) | (2.95) | (3.52) | (3.01) | ||||
Net asset value, end of year | $81.88 | $100.00 | $101.38 | $101.55 | $95.83 | ||||
Total Return(d) | |||||||||
Based on net asset value | (16.04)% | 0.57% | 2.79% | 9.82% | (1.73)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Total expenses after fees waived | 0.24% | 0.25% | 0.24% | 0.25% | 0.24% | ||||
Net investment income | 2.67% | 1.79% | 2.65% | 3.55% | 3.22% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $69,600 | $114,999 | $131,792 | $142,173 | $110,203 | ||||
Portfolio turnover rate(f)(g) | 550% | 546% | 703% | 504% | 633% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. | |||||||||
(g) Includes mortgage dollar roll transactions (“MDRs”). |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
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March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares U.S. Treasury Bond ETF | GOVT | CBOE BZX |
Ticker: GOVT | Stock Exchange: Cboe BZX |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses1 |
Total Annual Fund Operating Expenses | |||
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Ten Years | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
- |
|||
Return After Taxes on Distributions1 |
- |
- |
- | ||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
|||
ICE U.S. Treasury Core Bond Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | - |
- |
1 | |
2 | |
iShares U.S. Treasury Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $26.46 | $27.66 | $26.28 | $24.17 | $25.16 | ||||
Net investment income(a) | 0.38 | 0.25 | 0.39 | 0.53 | 0.48 | ||||
Net realized and unrealized gain (loss)(b) | (4.11) | (0.96) | 1.40 | 2.10 | (1.00) | ||||
Net increase (decrease) from investment operations | (3.73) | (0.71) | 1.79 | 2.63 | (0.52) | ||||
Distributions(c) | |||||||||
From net investment income | (0.33) | (0.25) | (0.41) | (0.52) | (0.47) | ||||
From net realized gain | — | (0.24) | — | — | — | ||||
Total distributions | (0.33) | (0.49) | (0.41) | (0.52) | (0.47) | ||||
Net asset value, end of year | $22.40 | $26.46 | $27.66 | $26.28 | $24.17 | ||||
Total Return(d) | |||||||||
Based on net asset value | (14.21)% | (2.58)% | 6.84% | 10.99% | (2.10)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.05% | 0.09% | 0.15% | 0.15% | 0.15% | ||||
Net investment income | 1.57% | 0.95% | 1.43% | 2.09% | 1.95% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $21,241,914 | $15,665,181 | $15,037,638 | $15,219,211 | $6,747,196 | ||||
Portfolio turnover rate(f) | 50% | 128% | 91% | 22% | 27% | ||||
(a) Based on average shares outstanding. | |||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||||||||
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||||||||
(d) Where applicable, assumes the reinvestment of distributions. | |||||||||
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||||||||
(f) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
![]() |
March 1, 2023 |
![]() |
2023 Prospectus |
• | iShares Yield Optimized Bond ETF | BYLD | NYSE ARCA |
|
S-1 |
|
1 |
|
2 |
|
17 |
|
27 |
|
27 |
|
32 |
|
36 |
|
44 |
|
45 |
|
46 |
|
46 |
Ticker: BYLD | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments)1 | ||||||||||||
Management Fees |
Distribution and Service (12b-1) Fees |
Other Expenses 2 |
Acquired Fund Fees and Expenses |
Total Annual Fund Operating Expenses |
Fee Waiver | Total Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 | |
2 | |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
One Year | Five Years | Since Fund Inception | |||
(Inception Date: |
|||||
Return Before Taxes |
- |
||||
Return After Taxes on Distributions1 |
- |
- |
|||
Return After Taxes on Distributions and Sale of Fund Shares1 |
- |
- |
|||
Morningstar U.S. Bond Market Yield-Optimized Index (Index returns do not reflect deductions for fees, expenses, or taxes) | - |
- |
1 | |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund or an Underlying Fund before it matures. If the issuer redeems high yield securities held by the Fund or an Underlying Fund, the Fund or an Underlying Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund's securities than is the case with securities trading in a more liquid market. |
■ | The Fund or an Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
Underlying Funds | |
iShares 1-3 Year Treasury Bond ETF | 26.84% |
iShares 1-5 Year Investment Grade Corporate Bond ETF | 30.28% |
iShares 5-10 Year Investment Grade Corporate Bond ETF | 2.43% |
iShares iBoxx $ High Yield Corporate Bond ETF | 20.00% |
iShares J.P. Morgan USD Emerging Markets Bond ETF | 9.43% |
iShares MBS ETF | 10.88% |
Note: The allocation percentages may not add up to, or may appear to exceed, 100% due to rounding. | |
Bloomberg® is a trademark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). The “Bloomberg U.S. MBS Index” is a trademark of Bloomberg and its licensors and has been licensed for use for certain purposes by BFA or its affiliates. | |
ICE®,” “ICE U.S. Treasury 1-3 Year Bond Index,”“ICE BofA 1-5 Year US Corporate Index,” and “ICE BofA 5-10 Year US Corporate Index” are trademarks of ICE Data Indices, LLC or its affiliates (“IDI”) and have been licensed for use for certain purposes by BFA or its affiliates. BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”), and may not be used without BofA’s prior written approval. |
“J.P. Morgan” and “J.P. Morgan EMBI® Global Core Index” are trademarks of JPMorgan Chase & Co. and have been licensed for use for certain purposes by BFA or its affiliates. | |
Markit® and iBoxx® are registered trademarks of Markit Group Limited and Markit Indices Limited, respectively, and have been licensed for use for certain purposes by BFA or its affiliates. |
iShares Yield Optimized Bond ETF | |||||||||
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 | |||||
Net asset value, beginning of year | $25.03 | $25.63 | $25.60 | $23.77 | $25.08 | ||||
Net investment income(a) | 0.64 | 0.63 | 0.80 | 0.92 | 0.91 | ||||
Net realized and unrealized gain (loss)(b) | (3.70) | (0.51) | 0.04 | 1.94 | (1.33) | ||||
Net increase (decrease) from investment operations | (3.06) | 0.12 | 0.84 | 2.86 | (0.42) | ||||
Distributions(c) | |||||||||
From net investment income | (0.64) | (0.65) | (0.81) | (1.03) | (0.89) | ||||
From net realized gain | — | (0.07) | — | — | — | ||||
Total distributions | (0.64) | (0.72) | (0.81) | (1.03) | (0.89) | ||||
Net asset value, end of year | $21.33 | $25.03 | $25.63 | $25.60 | $23.77 | ||||
Total Return(d) | |||||||||
Based on net asset value | (12.39)% | 0.47% | 3.33% | 12.31% | (1.70)% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.28% | 0.28% | 0.28% | 0.28% | 0.28% | ||||
Total expenses after fees waived | 0.00% | 0.00%(f) | 0.00%(f) | 0.00% | 0.00%(f) | ||||
Net investment income | 2.74% | 2.49% | 3.12% | 3.69% | 3.75% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $77,854 | $148,924 | $190,935 | $147,173 | $34,462 | ||||
Portfolio turnover rate(g) | 74% | 57% | 118% | 58% | 48% |
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Rounds to less than 0.01%. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
Fund | Ticker | Listing Exchange | ||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | TLTW | Cboe BZX | ||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | HYGW | Cboe BZX | ||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | LQDW | Cboe BZX |
• | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF |
• | iShares High Yield Corporate Bond BuyWrite Strategy ETF |
• | iShares Investment Grade Corporate Bond BuyWrite Strategy 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 an Underlying Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from an Underlying Fund before it matures. If an issuer redeems the high yield bonds, an Underlying Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, an Underlying Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, an Underlying Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing an Underlying Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, |
or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. | |
• | An Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect an Underlying Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: 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. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Salim Ramji2 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF1 |
iShares High Yield Corporate Bond BuyWrite Strategy ETF1 |
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF1 | |||
Independent Trustees: | ||||||
Jane D. Carlin | $5 | $2 | $3 | |||
Richard L. Fagnani | 5 | 2 | 3 | |||
Cecilia H. Herbert | 5 | 2 | 3 | |||
John E. Kerrigan | 5 | 2 | 3 | |||
Drew E. Lawton | 5 | 2 | 3 | |||
John E. Martinez | 5 | 2 | 3 | |||
Madhav V. Rajan | 5 | 2 | 3 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | Pension or Retirement Benefits Accrued As Part of Trust Expenses2 |
Estimated Annual Benefits Upon Retirement2 |
Total Compensation From the Funds and Fund Complex3 | |||
Independent Trustees: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | 465,000 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 476,764 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 475,000 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 505,000 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 461,764 | |||
John E. Martinez | Not Applicable | Not Applicable | 450,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 450,000 | |||
Interested Trustees: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji | Not Applicable | Not Applicable | 0 |
1 | Compensation reported is from the Fund’s inception to October 31, 2022. |
2 | No Trustee or Officer is entitled to any pension or retirement benefits from the Trust. |
3 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name | Percentage of Ownership | ||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
35.80% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
27.44% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.47% | |||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.59% | ||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
12.40% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.63% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
11.11% | |||
E*Trade Clearing LLC Harborside Financial Center 501 Plaza 11 Jersey City, NJ 07311 |
8.66% | |||
Goldman, Sachs & Co. 30 Hudson Street 16th Floor Jersey City, NJ 07302 |
8.32% | |||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
35.26% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
23.61% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.84% | |||
Interactive Brokers Retail Equity Clearing 8 Greenwich Office Park Greenwich, CT 06831 |
6.03% | |||
E*Trade Clearing LLC Harborside Financial Center 501 Plaza 11 Jersey City, NJ 07311 |
5.85% |
Fund | Management Fee for Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2020 | |||||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF1 | 0.20% | 08/18/22 | $ 5,528 | N/A | N/A | |||||
iShares High Yield Corporate Bond BuyWrite Strategy ETF2 | 0.20% | 08/18/22 | 2,433 | N/A | N/A | |||||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF3 | 0.20% | 08/18/22 | 4,487 | N/A | N/A |
1 | For the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, pursuant to the Investment Advisory Agreement, BFA is entitled to a management fee at the annual rate of 0.35% of the Fund's average daily net assets. For the fiscal year ended October 31, 2022, BFA was paid a management fee from the Fund, as a percentage of the Fund's average daily net assets, net of any applicable waivers, at the annual rate of 0.20%. For the fiscal year ended October 31, 2022, the Acquired Fund Fees and Expenses of the Fund amounted to an annual rate of 0.15%. BFA has contractually agreed to waive a portion of its management fees so that the Fund’s total annual fund operating expenses after the fee waiver is equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investment in TLT, after taking into account any fee waivers by TLT, plus 0.20% through February 29, 2028. The contractual waiver may be terminated prior to February 29, 2028 only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $ 4,146 of its management fees. |
2 | For the iShares High Yield Corporate Bond BuyWrite Strategy ETF, pursuant to the Investment Advisory Agreement, BFA is entitled to a management fee at the annual rate of 0.70% of the Fund's average daily net assets. For the fiscal year ended October 31, 2022, BFA was paid a management fee from the Fund, as a percentage of the Fund's average daily net assets, net of any applicable waivers, at the annual rate of 0.20%. For the fiscal year ended October 31, 2022, the Acquired Fund Fees and Expenses of the Fund amounted to an annual rate of 0.49%. BFA has contractually agreed to waive a portion of its management fees so that the Fund’s total annual fund operating expenses after the fee waiver is equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investment in HYG, after taking into account any fee waivers by HYG, plus 0.20% through February 29, 2028. The contractual waiver may be terminated prior to February 29, 2028 only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $ 6,083 of its management fees. |
3 | For the iShares Investment Grade Corporate Bond BuyWrite Strategy ETF, pursuant to the Investment Advisory Agreement, BFA is entitled to a management fee at the annual rate of 0.35% of the Fund's average daily net assets. For the fiscal year ended October 31, 2022, BFA was paid a management fee from the Fund, as a percentage of the Fund's average daily net assets, net of any applicable waivers, at the annual rate of 0.20%. For the fiscal year ended October 31, 2022, the Acquired Fund Fees and Expenses of the Fund amounted to an annual rate of 0.14%. BFA has contractually agreed to waive a portion of its management fees so that the Fund’s total annual fund operating expenses after the fee waiver is equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.20% through February 29, 2028. The contractual waiver may be terminated prior to February 29, 2028 only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $ 3,365 of its management fees. |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 320 | $1,712,277,000,000 | ||
Other Pooled Investment Vehicles | 36 | 8,776,000,000 | ||
Other Accounts | 57 | 4,167,000,000 |
Orlando Montalvo | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 9 | $7,287,000,000 | ||
Other Pooled Investment Vehicles | 8 | 1,526,000,000 | ||
Other Accounts | 8 | 270,000,000 |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 280 | $1,628,750,000,000 | ||
Other Pooled Investment Vehicles | 36 | 8,776,000,000 | ||
Other Accounts | 57 | 4,167,000,000 |
Paul Whitehead | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 300 | $1,626,706,000,000 | ||
Other Pooled Investment Vehicles | 2 | 5,400,000,000 | ||
Other Accounts | 5 | 4,230,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Orlando Montalvo | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Paul Whitehead | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund | Fund Inception Date |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 08/18/22 | $2,809 | N/A | N/A | ||||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | 08/18/22 | 2,891 | N/A | N/A | ||||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 08/18/22 | 2,828 | N/A | N/A |
Fund | Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended Oct. 31, 2022 |
Brokerage Commissions Paid During Fiscal Year Ended Oct. 31, 2021 |
Brokerage Commissions Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 08/18/22 | $9,599 | N/A | N/A | ||||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | 08/18/22 | 5,860 | N/A | N/A | ||||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 08/18/22 | 8,310 | N/A | N/A |
Fund | Fiscal Year ended Oct. 31, 2022 |
Fiscal Year ended Oct. 31, 2021 | ||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 0%1,2 | N/A | ||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | 0%1,2 | N/A | ||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 0%1,2 | N/A |
1 | The portfolio turnover for each Fund relates to the period of August 18, 2022 to October 31, 2022 and is not annualized. |
2 | The inception date for each Fund was August 18, 2022. |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | ||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 25,000 | $871,581.60 | ||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | 25,000 | 937,825.83 | ||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 25,000 | 890,722.78 |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge* | ||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $100 | 3.0% | ||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | 100 | 3.0% | ||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 100 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge* | ||
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $100 | 2.0% | ||
iShares High Yield Corporate Bond BuyWrite Strategy ETF | 100 | 2.0% | ||
iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 100 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares Core Total USD Bond Market ETF (the “Fund”) | IUSB | Nasdaq |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit the Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If an issuer redeems the high yield bonds, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions |
independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing the Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. | |
• | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect the Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of the Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics,” which seek to ascertain the 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 the Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
8. | Make any investment inconsistent with the Fund's classification as a diversified company under the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
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 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares Core Total USD Bond Market ETF |
Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Fund and Fund Complex2 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $3,592 | Not Applicable | Not Applicable | $465,000 | ||||
Richard L. Fagnani | 3,612 | Not Applicable | Not Applicable | 476,764 | ||||
Cecilia H. Herbert | 3,730 | Not Applicable | Not Applicable | 475,000 | ||||
John E. Kerrigan | 3,887 | Not Applicable | Not Applicable | 505,000 | ||||
Drew E. Lawton | 3,494 | Not Applicable | Not Applicable | 461,764 | ||||
John E. Martinez | 3,494 | Not Applicable | Not Applicable | 450,000 | ||||
Madhav V. Rajan | 3,494 | Not Applicable | Not Applicable | 450,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Name and Address | Percentage of Ownership | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
27.37% | |
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
10.98% | |
CITIBANK, N.A./BLACKROCK ETF 390 Greenwich Street 3rd Floor New York, NY 10013 |
10.40% | |
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.58% | |
Edward D. Jones & Co. 12555 Manchester Road Saint Louis, MO 63131 |
7.50% | |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
6.24% | |
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
5.84% |
Name and Address | Percentage of Ownership | |
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.68% |
Management Fee for Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2020 | ||||
0.05%1 | 06/10/14 | $ 9,282,500 | $5,906,437 | $2,548,727 |
1 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $ 1,122,924, $1,176,035 and $338,040 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 122 | $520,282,000,000 | ||
Other Pooled Investment Vehicles | 16 | 31,695,000,000 | ||
Other Accounts | 6 | 7,414,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 115 | $514,541,000,000 | ||
Other Pooled Investment Vehicles | 19 | 6,134,000,000 | ||
Other Accounts | 12 | 6,415,000,000 |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 4 | $1,331,000,000 | ||
Other Accounts | 4 | 2,450,000,000 |
Fund Inception Date |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | |||
06/10/14 | $379,197 | $294,616 | $154,614 |
Fund | iShares Core Total USD Bond Market ETF |
Gross income from securities lending activities |
$4,544,382 |
Fees and/or compensation for securities lending activities and related services |
Fund | iShares Core Total USD Bond Market ETF |
Securities lending income paid to BTC for services as securities lending agent |
260,409 |
Cash collateral management expenses not included in securities lending income paid to BTC |
119,193 |
Administrative fees not included in securities lending income paid to BTC |
0 |
Indemnification fees not included in securities lending income paid to BTC |
0 |
Rebates (paid to borrowers) |
2,978,197 |
Other fees not included in securities lending income paid to BTC |
0 |
Aggregate fees/compensation for securities lending activities |
$3,357,799 |
Net income from securities lending activities |
$1,186,583 |
Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended October 31, 2022 |
Brokerage Commissions Paid During Fiscal Year Ended October 31, 2021 |
Brokerage Commissions Paid During Fiscal Year Ended October 31, 2020 | |||
06/10/14 | $0 | $144 | $8 |
Issuer | Market Value of Investment | |
Bank of America Corp. | $97,085,354 | |
JPMorgan Chase & Co. | 93,296,745 | |
Morgan Stanley | 60,719,156 | |
Citigroup, Inc. | 58,896,033 | |
Goldman Sachs Group Inc. (The) | 58,345,282 | |
Wells Fargo & Co. | 52,330,742 | |
Barclays PLC | 20,898,204 | |
Credit Suisse Group AG | 14,285,966 | |
Nomura Holdings Inc. | 5,796,626 |
Fiscal Year ended Oct. 31, 2022 | Fiscal Year ended Oct. 31, 2021 | ||
141% | 223% |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | |
100,000 | $4,537,505.70 |
Standard Creation Transaction Fee |
Maximum Additional Charge* | |
$1,000 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption Transaction Fee |
Maximum Additional Charge* | |
$1,000 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares iBonds 2023 Term High Yield and Income ETF1 | IBHC | Cboe BZX | ||
iShares iBonds 2024 Term High Yield and Income ETF2 | IBHD | Cboe BZX | ||
iShares iBonds 2025 Term High Yield and Income ETF3 | IBHE | Cboe BZX | ||
iShares iBonds 2026 Term High Yield and Income ETF4 | IBHF | Cboe BZX | ||
iShares iBonds 2027 Term High Yield and Income ETF5 | IBHG | Cboe BZX | ||
iShares iBonds 2028 Term High Yield and Income ETF6 | IBHH | Cboe BZX | ||
iShares iBonds 2029 Term High Yield and Income ETF7 | IBHI | Cboe BZX | ||
iShares iBonds Dec 2023 Term Corporate ETF8 | IBDO | NYSE Arca | ||
iShares iBonds Dec 2024 Term Corporate ETF9 | IBDP | NYSE Arca | ||
iShares iBonds Dec 2025 Term Corporate ETF10 | IBDQ | NYSE Arca | ||
iShares iBonds Dec 2026 Term Corporate ETF11 | IBDR | NYSE Arca | ||
iShares iBonds Dec 2027 Term Corporate ETF12 | IBDS | NYSE Arca | ||
iShares iBonds Dec 2028 Term Corporate ETF13 | IBDT | NYSE Arca | ||
iShares iBonds Dec 2029 Term Corporate ETF14 | IBDU | NYSE Arca | ||
iShares iBonds Dec 2030 Term Corporate ETF15 | IBDV | NYSE Arca | ||
iShares iBonds Dec 2031 Term Corporate ETF16 | IBDW | NYSE Arca | ||
iShares iBonds Dec 2032 Term Corporate ETF17 | IBDX | NYSE Arca | ||
iShares iBonds Dec 2023 Term Treasury ETF18 | IBTD | Nasdaq | ||
iShares iBonds Dec 2024 Term Treasury ETF19 | IBTE | Nasdaq | ||
iShares iBonds Dec 2025 Term Treasury ETF20 | IBTF | Nasdaq | ||
iShares iBonds Dec 2026 Term Treasury ETF21 | IBTG | Nasdaq | ||
iShares iBonds Dec 2027 Term Treasury ETF22 | IBTH | Nasdaq | ||
iShares iBonds Dec 2028 Term Treasury ETF23 | IBTI | Nasdaq | ||
iShares iBonds Dec 2029 Term Treasury ETF24 | IBTJ | Nasdaq | ||
iShares iBonds Dec 2030 Term Treasury ETF25 | IBTK | Nasdaq | ||
iShares iBonds Dec 2031 Term Treasury ETF26 | IBTL | Nasdaq | ||
iShares iBonds Dec 2032 Term Treasury ETF27 | IBTM | Nasdaq | ||
iShares iBonds Mar 2023 Term Corporate ETF28 | IBDD | NYSE Arca |
2 | The iShares iBonds 2024 Term High Yield and Income ETF may also conduct business as the iBonds 2024 Term High Yield and Income ETF. |
3 | The iShares iBonds 2025 Term High Yield and Income ETF may also conduct business as the iBonds 2025 Term High Yield and Income ETF. |
4 | The iShares iBonds 2026 Term High Yield and Income ETF may also conduct business as the iBonds 2026 Term High Yield and Income ETF. |
5 | The iShares iBonds 2027 Term High Yield and Income ETF may also conduct business as the iBonds 2027 Term High Yield and Income ETF. |
6 | The iShares iBonds 2028 Term High Yield and Income ETF may also conduct business as the iBonds 2028 Term High Yield and Income ETF. |
7 | The iShares iBonds 2029 Term High Yield and Income ETF may also conduct business as the iBonds 2029 Term High Yield and Income ETF. |
8 | The iShares iBonds Dec 2023 Term Corporate ETF may also conduct business as the iBonds Dec 2023 Term Corporate ETF. |
9 | The iShares iBonds Dec 2024 Term Corporate ETF may also conduct business as the iBonds Dec 2024 Term Corporate ETF. |
10 | The iShares iBonds Dec 2025 Term Corporate ETF may also conduct business as the iBonds Dec 2025 Term Corporate ETF. |
11 | The iShares iBonds Dec 2026 Term Corporate ETF may also conduct business as the iBonds Dec 2026 Term Corporate ETF. |
12 | The iShares iBonds Dec 2027 Term Corporate ETF may also conduct business as the iBonds Dec 2027 Term Corporate ETF. |
13 | The iShares iBonds Dec 2028 Term Corporate ETF may also conduct business as the iBonds Dec 2028 Term Corporate ETF. |
14 | The iShares iBonds Dec 2029 Term Corporate ETF may also conduct business as the iBonds Dec 2029 Term Corporate ETF. |
15 | The iShares iBonds Dec 2030 Term Corporate ETF may also conduct business as the iBonds Dec 2030 Term Corporate ETF. |
16 | The iShares iBonds Dec 2031 Term Corporate ETF may also conduct business as the iBonds Dec 2031 Term Corporate ETF. |
17 | The iShares iBonds Dec 2032 Term Corporate ETF may also conduct business as the iBonds Dec 2032 Term Corporate ETF. |
18 | The iShares iBonds Dec 2023 Term Treasury ETF may also conduct business as the iBonds Dec 2023 Term Treasury ETF. |
19 | The iShares iBonds Dec 2024 Term Treasury ETF may also conduct business as the iBonds Dec 2024 Term Treasury ETF. |
20 | The iShares iBonds Dec 2025 Term Treasury ETF may also conduct business as the iBonds Dec 2025 Term Treasury ETF. |
21 | The iShares iBonds Dec 2026 Term Treasury ETF may also conduct business as the iBonds Dec 2026 Term Treasury ETF. |
22 | The iShares iBonds Dec 2027 Term Treasury ETF may also conduct business as the iBonds Dec 2027 Term Treasury ETF. |
23 | The iShares iBonds Dec 2028 Term Treasury ETF may also conduct business as the iBonds Dec 2028 Term Treasury ETF. |
24 | The iShares iBonds Dec 2029 Term Treasury ETF may also conduct business as the iBonds Dec 2029 Term Treasury ETF. |
25 | The iShares iBonds Dec 2030 Term Treasury ETF may also conduct business as the iBonds Dec 2030 Term Treasury ETF. |
26 | The iShares iBonds Dec 2031 Term Treasury ETF may also conduct business as the iBonds Dec 2031 Term Treasury ETF. |
27 | The iShares iBonds Dec 2032 Term Treasury ETF may also conduct business as the iBonds Dec 2032 Term Treasury ETF. |
28 |
• | iShares iBonds 2023 Term High Yield and Income ETF |
• | iShares iBonds 2024 Term High Yield and Income ETF |
• | iShares iBonds 2025 Term High Yield and Income ETF |
• | iShares iBonds 2026 Term High Yield and Income ETF |
• | iShares iBonds 2027 Term High Yield and Income ETF |
• | iShares iBonds 2028 Term High Yield and Income ETF |
• | iShares iBonds 2029 Term High Yield and Income ETF |
• | iShares iBonds Dec 2023 Term Corporate ETF |
• | iShares iBonds Dec 2024 Term Corporate ETF |
• | iShares iBonds Dec 2025 Term Corporate ETF |
• | iShares iBonds Dec 2026 Term Corporate ETF |
• | iShares iBonds Dec 2027 Term Corporate ETF |
• | iShares iBonds Dec 2028 Term Corporate ETF |
• | iShares iBonds Dec 2029 Term Corporate ETF |
• | iShares iBonds Dec 2030 Term Corporate ETF |
• | iShares iBonds Dec 2031 Term Corporate ETF |
• | iShares iBonds Dec 2032 Term Corporate ETF |
• | iShares iBonds Dec 2023 Term Treasury ETF |
• | iShares iBonds Dec 2024 Term Treasury ETF |
• | iShares iBonds Dec 2025 Term Treasury ETF |
• | iShares iBonds Dec 2026 Term Treasury ETF |
• | iShares iBonds Dec 2027 Term Treasury ETF |
• | iShares iBonds Dec 2028 Term Treasury ETF |
• | iShares iBonds Dec 2029 Term Treasury ETF |
• | iShares iBonds Dec 2030 Term Treasury ETF |
• | iShares iBonds Dec 2031 Term Treasury ETF |
• | iShares iBonds Dec 2032 Term Treasury ETF |
• | iShares iBonds Mar 2023 Term Corporate ETF |
Diversified Funds | Non-Diversified Funds | |
iShares iBonds 2023 Term High Yield and Income ETF | iShares iBonds 2026 Term High Yield and Income ETF | |
iShares iBonds 2024 Term High Yield and Income ETF | iShares iBonds 2027 Term High Yield and Income ETF | |
iShares iBonds 2025 Term High Yield and Income ETF | iShares iBonds 2028 Term High Yield and Income ETF | |
iShares iBonds Dec 2023 Term Corporate ETF | iShares iBonds 2029 Term High Yield and Income ETF | |
iShares iBonds Dec 2024 Term Corporate ETF | iShares iBonds Dec 2030 Term Corporate ETF | |
iShares iBonds Dec 2025 Term Corporate ETF | iShares iBonds Dec 2031 Term Corporate ETF | |
iShares iBonds Dec 2026 Term Corporate ETF | iShares iBonds Dec 2032 Term Corporate ETF | |
iShares iBonds Dec 2027 Term Corporate ETF | ||
iShares iBonds Dec 2028 Term Corporate ETF | ||
iShares iBonds Dec 2029 Term Corporate ETF | ||
iShares iBonds Dec 2023 Term Treasury ETF | ||
iShares iBonds Dec 2024 Term Treasury ETF | ||
iShares iBonds Dec 2025 Term Treasury ETF | ||
iShares iBonds Dec 2026 Term Treasury ETF | ||
iShares iBonds Dec 2027 Term Treasury ETF | ||
iShares iBonds Dec 2028 Term Treasury ETF | ||
iShares iBonds Dec 2029 Term Treasury ETF | ||
iShares iBonds Dec 2030 Term Treasury ETF | ||
iShares iBonds Dec 2031 Term Treasury ETF | ||
iShares iBonds Dec 2032 Term Treasury ETF | ||
iShares iBonds Mar 2023 Term Corporate ETF | ||
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund before it matures. If an issuer redeems the high yield bonds, a Fund may have to invest the proceeds in bonds with lower yields and may lose income. Such use of proceeds will occur when a Fund invests in BBB-rated bonds from the Bloomberg U.S. Corporate Index (the “Corporate Index”). |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions |
independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing a Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. | |
• | A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: A Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of a Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to a Fund to settle purchases of a Fund (i.e. Deposit Securities) or that Authorized Participants would receive from a Fund to settle redemptions of a Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an |
Authorized Participant or liquidity provider the securities a Fund is willing to accept for a creation, and securities that a Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for a Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics,” 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. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
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 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $38 | $33 | $19 | |||
Richard L. Fagnani | 38 | 34 | 19 | |||
Cecilia H. Herbert | 39 | 35 | 20 | |||
John E. Kerrigan | 41 | 36 | 21 | |||
Drew E. Lawton | 37 | 32 | 19 | |||
John E. Martinez | 37 | 32 | 19 | |||
Madhav V. Rajan | 37 | 32 | 19 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds 2027 Term High Yield and Income ETF |
iShares iBonds 2028 Term High Yield and Income ETF1 | |||
Independent Trustees: | ||||||
Jane D. Carlin | $8 | $3 | $2 | |||
Richard L. Fagnani | 8 | 3 | 2 | |||
Cecilia H. Herbert | 8 | 3 | 3 | |||
John E. Kerrigan | 9 | 4 | 3 | |||
Drew E. Lawton | 8 | 3 | 2 | |||
John E. Martinez | 8 | 3 | 2 | |||
Madhav V. Rajan | 8 | 3 | 2 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds 2029 Term High Yield and Income ETF1 |
iShares iBonds Dec 2023 Term Corporate ETF |
iShares iBonds Dec 2024 Term Corporate ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $2 | $442 | $437 | |||
Richard L. Fagnani | 2 | 444 | 439 | |||
Cecilia H. Herbert | 3 | 459 | 454 | |||
John E. Kerrigan | 3 | 478 | 473 | |||
Drew E. Lawton | 2 | 430 | 425 | |||
John E. Martinez | 2 | 430 | 425 | |||
Madhav V. Rajan | 2 | 430 | 425 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Dec 2025 Term Corporate ETF |
iShares iBonds Dec 2026 Term Corporate ETF |
iShares iBonds Dec 2027 Term Corporate ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $331 | $277 | $197 | |||
Richard L. Fagnani | 332 | 278 | 198 | |||
Cecilia H. Herbert | 343 | 287 | 205 | |||
John E. Kerrigan | 358 | 299 | 213 | |||
Drew E. Lawton | 322 | 269 | 192 | |||
John E. Martinez | 322 | 269 | 192 | |||
Madhav V. Rajan | 322 | 269 | 192 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Dec 2028 Term Corporate ETF |
iShares iBonds Dec 2029 Term Corporate ETF |
iShares iBonds Dec 2030 Term Corporate ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $124 | $63 | $41 | |||
Richard L. Fagnani | 124 | 64 | 42 | |||
Cecilia H. Herbert | 128 | 66 | 43 | |||
John E. Kerrigan | 134 | 68 | 45 | |||
Drew E. Lawton | 120 | 62 | 40 | |||
John E. Martinez | 120 | 62 | 40 | |||
Madhav V. Rajan | 120 | 62 | 40 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Dec 2031 Term Corporate ETF |
iShares iBonds Dec 2032 Term Corporate ETF1 |
iShares iBonds Dec 2023 Term Treasury ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $23 | $4 | $250 | |||
Richard L. Fagnani | 23 | 4 | 252 | |||
Cecilia H. Herbert | 24 | 4 | 260 | |||
John E. Kerrigan | 25 | 4 | 271 | |||
Drew E. Lawton | 22 | 4 | 244 | |||
John E. Martinez | 22 | 4 | 244 | |||
Madhav V. Rajan | 22 | 4 | 244 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Dec 2024 Term Treasury ETF |
iShares iBonds Dec 2025 Term Treasury ETF |
iShares iBonds Dec 2026 Term Treasury ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $162 | $76 | $27 | |||
Richard L. Fagnani | 163 | 76 | 27 | |||
Cecilia H. Herbert | 169 | 79 | 28 | |||
John E. Kerrigan | 176 | 82 | 29 | |||
Drew E. Lawton | 158 | 74 | 26 | |||
John E. Martinez | 158 | 74 | 26 | |||
Madhav V. Rajan | 158 | 74 | 26 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Dec 2027 Term Treasury ETF |
iShares iBonds Dec 2028 Term Treasury ETF |
iShares iBonds Dec 2029 Term Treasury ETF | |||
Independent Trustees: | ||||||
Jane D. Carlin | $31 | $8 | $9 | |||
Richard L. Fagnani | 31 | 8 | 9 | |||
Cecilia H. Herbert | 32 | 8 | 9 | |||
John E. Kerrigan | 33 | 8 | 9 | |||
Drew E. Lawton | 30 | 8 | 8 | |||
John E. Martinez | 30 | 8 | 8 | |||
Madhav V. Rajan | 30 | 8 | 8 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Dec 2030 Term Treasury ETF |
iShares iBonds Dec 2031 Term Treasury ETF |
iShares iBonds Dec 2032 Term Treasury ETF1 | |||
Independent Trustees: | ||||||
Jane D. Carlin | $17 | $3 | $1 | |||
Richard L. Fagnani | 17 | 3 | 1 | |||
Cecilia H. Herbert | 17 | 3 | 1 | |||
John E. Kerrigan | 18 | 3 | 1 | |||
Drew E. Lawton | 16 | 3 | 1 | |||
John E. Martinez | 16 | 3 | 1 | |||
Madhav V. Rajan | 16 | 3 | 1 | |||
Interested Trustees: | ||||||
Robert S. Kapito | $0 | $0 | $0 | |||
Salim Ramji | 0 | 0 | 0 |
Name | iShares iBonds Mar 2023 Term Corporate ETF | |
Independent Trustees: | ||
Jane D. Carlin | $18 | |
Richard L. Fagnani | 18 | |
Cecilia H. Herbert | 19 | |
John E. Kerrigan | 20 | |
Drew E. Lawton | 18 | |
John E. Martinez | 18 | |
Madhav V. Rajan | 18 | |
Interested Trustees: | ||
Robert S. Kapito | $0 | |
Salim Ramji | 0 |
Name | Pension or Retirement Benefits Accrued As Part of Trust Expenses2 |
Estimated Annual Benefits Upon Retirement2 |
Total Compensation From the Funds and Fund Complex3 | |||
Independent Trustees: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | $465,000 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 476,764 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 475,000 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 505,000 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 461,764 | |||
John E. Martinez | Not Applicable | Not Applicable | 450,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 450,000 | |||
Interested Trustees: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji | Not Applicable | Not Applicable | $0 |
1 | Compensation reported is from the Fund’s inception to October 31, 2022. |
2 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
3 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name | Percentage of Ownership | ||
iShares iBonds 2023 Term High Yield and Income ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
15.48% |
Fund | Name | Percentage of Ownership | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.28% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.82% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
9.27% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.04% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
7.33% | |||
iShares iBonds 2024 Term High Yield and Income ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
15.14% | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
14.21% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.15% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
13.47% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
6.39% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.62% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.62% | |||
iShares iBonds 2025 Term High Yield and Income ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
20.08% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
17.15% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.59% |
Fund | Name | Percentage of Ownership | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
11.51% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.69% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.95% | |||
iShares iBonds 2026 Term High Yield and Income ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
19.43% | ||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
12.03% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
11.76% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.58% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
10.87% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
10.21% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
8.02% | |||
iShares iBonds 2027 Term High Yield and Income ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
23.50% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
17.64% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.15% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
8.85% | |||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
7.97% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
7.00% | |||
Fund | Name | Percentage of Ownership | ||
iShares iBonds 2028 Term High Yield and Income ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
50.00% | ||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
13.49% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
9.23% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.28% | |||
BofA Securities, Inc. One Bryant Park New York, NY 10036 |
7.84% | |||
iShares iBonds 2029 Term High Yield and Income ETF | J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
36.15% | ||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
35.00% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.24% | |||
iShares iBonds Dec 2023 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
21.52% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.95% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.87% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.38% | |||
UBS Financial Services Inc. 1000 Harbor Blvd. Weehawken, NJ 07086 |
5.58% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.32% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.15% | |||
Fund | Name | Percentage of Ownership | ||
iShares iBonds Dec 2024 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
24.39% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.50% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.79% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.96% | |||
iShares iBonds Dec 2025 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
24.22% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
15.21% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.80% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.60% | |||
iShares iBonds Dec 2026 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
22.06% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
20.55% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.92% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.23% | |||
iShares iBonds Dec 2027 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.59% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.97% |
Fund | Name | Percentage of Ownership | ||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
10.80% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.73% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.14% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.62% | |||
iShares iBonds Dec 2028 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
22.49% | ||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
15.69% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.96% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.85% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.25% | |||
iShares iBonds Dec 2029 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
19.00% | ||
U.S. BANK N.A./ETF 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
14.44% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.35% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
11.59% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.68% | |||
BlackRock Institutional Trust Company, N.A. 400 Howard Street San Francisco, CA 94105 |
5.26% |
Fund | Name | Percentage of Ownership | ||
iShares iBonds Dec 2030 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
18.36% | ||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
14.41% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.89% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
12.66% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
8.57% | |||
iShares iBonds Dec 2031 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.77% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.85% | |||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
12.51% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
11.79% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
9.24% | |||
iShares iBonds Dec 2032 Term Corporate ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.87% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
15.94% |
Fund | Name | Percentage of Ownership | ||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
12.00% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
9.50% | |||
FOLIOfn Investments, Inc. 8180 Greensboro Drive 8th Floor McLean, VA 22102 |
8.23% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
5.85% | |||
iShares iBonds Dec 2023 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
17.72% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
17.29% | |||
Reliance Trust Company 3300 Northeast Expressway Building 1, Suite 200 Atlanta, GA 30341 |
15.92% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
8.66% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.89% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.89% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.49% | |||
iShares iBonds Dec 2024 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.43% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
18.55% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
13.10% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.15% |
Fund | Name | Percentage of Ownership | ||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
6.04% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.31% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.28% | |||
iShares iBonds Dec 2025 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
25.92% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
20.63% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
15.78% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
8.95% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
6.89% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.31% | |||
iShares iBonds Dec 2026 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.48% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
20.50% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
14.05% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
9.13% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
6.19% | |||
iShares iBonds Dec 2027 Term Treasury ETF | Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
24.60% |
Fund | Name | Percentage of Ownership | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
16.57% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
11.08% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
9.48% | |||
Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
9.08% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
6.42% | |||
iShares iBonds Dec 2028 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
19.99% | ||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
17.49% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
14.32% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.78% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
7.71% | |||
Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
7.19% | |||
iShares iBonds Dec 2029 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
38.46% | ||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
10.31% | |||
Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
8.65% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.52% |
Fund | Name | Percentage of Ownership | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.25% | |||
iShares iBonds Dec 2030 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
26.74% | ||
Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
11.41% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
10.54% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.23% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
7.38% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
5.09% | |||
iShares iBonds Dec 2031 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
46.59% | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
13.92% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
10.19% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.79% | |||
iShares iBonds Dec 2032 Term Treasury ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
53.45% | ||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
7.03% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.01% | |||
Reliance Trust Company, FIS TrustDesk MKE 11277 West Park Place, Suite 300 Milwaukee, WI 53224 |
5.79% |
Fund | Name | Percentage of Ownership | ||
iShares iBonds Mar 2023 Term Corporate ETF | U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
23.14% | ||
RBC Capital Markets, LLC 3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
21.53% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
19.60% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
6.16% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.07% |
Fund | Management Fee for the Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 | |||||
iShares iBonds 2023 Term High Yield and Income ETF1 | 0.35% | 05/07/19 | $407,876 | $163,240 | $46,609 | |||||
iShares iBonds 2024 Term High Yield and Income ETF2 | 0.35% | 05/07/19 | 256,255 | 102,357 | 38,955 | |||||
iShares iBonds 2025 Term High Yield and Income ETF3 | 0.35% | 05/07/19 | 172,561 | 95,005 | 48,331 | |||||
iShares iBonds 2026 Term High Yield and Income ETF4 | 0.35% | 11/10/20 | 86,799 | 54,969 | N/A | |||||
iShares iBonds 2027 Term High Yield and Income ETF5 | 0.35% | 07/07/21 | 45,837 | 13,696 | N/A | |||||
iShares iBonds 2028 Term High Yield and Income ETF6 | 0.35% | 03/08/22 | 24,026 | N/A | N/A | |||||
iShares iBonds 2029 Term High Yield and Income ETF7 | 0.35% | 03/08/22 | 25,529 | N/A | N/A | |||||
iShares iBonds Dec 2023 Term Corporate ETF8 | 0.10% | 03/11/15 | 1,710,672 | 1,496,484 | 1,066,658 | |||||
iShares iBonds Dec 2024 Term Corporate ETF9 | 0.10% | 03/11/15 | 1,657,875 | 1,280,047 | 835,673 | |||||
iShares iBonds Dec 2025 Term Corporate ETF10 | 0.10% | 03/11/15 | 1,305,535 | 1,061,754 | 641,658 | |||||
iShares iBonds Dec 2026 Term Corporate ETF11 | 0.10% | 09/13/16 | 1,024,054 | 687,392 | 447,378 | |||||
iShares iBonds Dec 2027 Term Corporate ETF12 | 0.10% | 09/12/17 | 668,457 | 450,121 | 289,803 |
Fund | Management Fee for the Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 | |||||
iShares iBonds Dec 2028 Term Corporate ETF13 | 0.10% | 09/18/18 | 394,514 | 249,770 | 150,962 | |||||
iShares iBonds Dec 2029 Term Corporate ETF14 | 0.10% | 09/17/19 | 217,724 | 108,862 | 54,591 | |||||
iShares iBonds Dec 2030 Term Corporate ETF15 | 0.10% | 06/23/20 | 149,608 | 77,369 | 9,801 | |||||
iShares iBonds Dec 2031 Term Corporate ETF16 | 0.10% | 06/22/21 | 59,194 | 4,364 | N/A | |||||
iShares iBonds Dec 2032 Term Corporate ETF17 | 0.10% | 06/28/22 | 5,083 | N/A | N/A | |||||
iShares iBonds Dec 2023 Term Treasury ETF18 | 0.07% | 02/25/20 | 153,489 | 28,581 | 6,213 | |||||
iShares iBonds Dec 2024 Term Treasury ETF19 | 0.07% | 02/25/20 | 141,469 | 15,325 | 5,289 | |||||
iShares iBonds Dec 2025 Term Treasury ETF20 | 0.07% | 02/25/20 | 64,927 | 13,835 | 6,891 | |||||
iShares iBonds Dec 2026 Term Treasury ETF21 | 0.07% | 02/25/20 | 53,389 | 13,116 | 8,741 | |||||
iShares iBonds Dec 2027 Term Treasury ETF22 | 0.07% | 02/25/20 | 29,045 | 13,710 | 5,338 | |||||
iShares iBonds Dec 2028 Term Treasury ETF23 | 0.07% | 02/25/20 | 14,811 | 16,681 | 5,602 | |||||
iShares iBonds Dec 2029 Term Treasury ETF24 | 0.07% | 02/25/20 | 14,272 | 13,696 | 8,756 | |||||
iShares iBonds Dec 2030 Term Treasury ETF25 | 0.07% | 07/14/20 | 52,498 | 1,928 | 520 | |||||
iShares iBonds Dec 2031 Term Treasury ETF26 | 0.07% | 07/13/21 | 7,572 | 526 | N/A | |||||
iShares iBonds Dec 2032 Term Treasury ETF27 | 0.07% | 07/06/22 | 946 | N/A | N/A | |||||
iShares iBonds Mar 2023 Term Corporate ETF28 | 0.09% | 07/09/13 | 65,136 | 67,833 | 78,117 |
1 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $2,383, $706 and $96 of its management fees, respectively. |
2 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $818, $640 and $59 of its management fees, respectively. |
3 | Effective June 30, 2020, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $584, $375 and $60 of its management fees, respectively. |
4 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022 and October 31, 2021, BFA waived $183 and $198 of its management fees, respectively. |
5 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022 and October 31, 2021, BFA waived $60 and $20 of its management fees, respectively. |
6 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $57 of its management fees. |
7 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $64 of its management fees. |
8 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $23,562, $21,876 and $4,383 of its management fees, respectively. |
9 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable |
to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $7,259, $11,848 and $3,239 of its management fees, respectively. | |
10 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $5,125, $4,639 and $2,529 of its management fees, respectively. |
11 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $2,513, $2,026 and $1,712 of its management fees, respectively. |
12 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $2,067, $1,606 and $846 of its management fees, respectively. |
13 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $829, $647 and $692 of its management fees, respectively. |
14 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $891, $397 and $279 of its management fees, respectively. |
15 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $522, $181 and $34 of its management fees, respectively. |
16 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2031. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022 and October 31, 2021, BFA waived $225 and $6 of its management fees, respectively. |
17 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2032. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $12 of its management fees. |
18 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2023. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $3,568, $616 and $245 of its management fees, respectively. |
19 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2024. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $563, $136 and $45 of its management fees, respectively. |
20 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2025. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $327, $59 and $77 of its management fees, respectively. |
21 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $130, $93 and $71 of its management fees, respectively. |
22 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $66, $34 and $58 of its management fees, respectively. |
23 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $46, $138 and $85 of its management fees, respectively. |
24 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $80, $225 and $119 of its management fees, respectively. |
25 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $260, $6 and $0 of its management fees, respectively. |
26 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2031. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022 and October 31, 2021, BFA waived $35 and $2 of its management fees, respectively. |
27 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2032. The contractual waiver may be terminated prior to the Fund’s termination only upon written agreement of the Trust and BFA. For the fiscal year ended October 31, 2022, BFA waived $1 of its management fees. |
28 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $4,406, $4,476 and $4,065 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 92 | $524,974,000,000 | ||
Other Pooled Investment Vehicles | 16 | 31,695,000,000 | ||
Other Accounts | 6 | 7,414,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 85 | $519,233,000,000 | ||
Other Pooled Investment Vehicles | 19 | 6,134,000,000 | ||
Other Accounts | 12 | 6,415,000,000 |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts | Number of Other Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 4 | $1,331,000,000 | ||
Other Accounts | 4 | 2,450,000,000 |
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 iBonds 2023 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2024 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2025 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2026 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2027 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2028 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2029 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds Dec 2023 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2024 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2025 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2026 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2027 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2028 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2029 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2030 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2031 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2032 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2023 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2024 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2025 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2026 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2027 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2028 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2029 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2030 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2031 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2032 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Mar 2023 Term Corporate 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 iBonds 2023 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2024 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2025 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2026 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2027 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2028 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds 2029 Term High Yield and Income ETF | X | ||||||||||||||
iShares iBonds Dec 2023 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2024 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2025 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2026 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2027 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2028 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2029 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2030 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2031 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2032 Term Corporate ETF | X | ||||||||||||||
iShares iBonds Dec 2023 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2024 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2025 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2026 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2027 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2028 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2029 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2030 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2031 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Dec 2032 Term Treasury ETF | X | ||||||||||||||
iShares iBonds Mar 2023 Term Corporate ETF | X |
Fund | Fund Inception Date | Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares iBonds 2023 Term High Yield and Income ETF | 05/07/19 | $15,566 | $18,003 | $18,013 | ||||
iShares iBonds 2024 Term High Yield and Income ETF | 05/07/19 | 16,871 | 17,986 | 18,873 | ||||
iShares iBonds 2025 Term High Yield and Income ETF | 05/07/19 | 17,482 | 17,946 | 19,460 | ||||
iShares iBonds 2026 Term High Yield and Income ETF | 11/10/20 | 16,745 | 19,136 | N/A | ||||
iShares iBonds 2027 Term High Yield and Income ETF | 07/07/21 | 16,677 | 7,526 | N/A | ||||
iShares iBonds 2028 Term High Yield and Income ETF | 03/08/22 | 12,484 | N/A | N/A | ||||
iShares iBonds 2029 Term High Yield and Income ETF | 03/08/22 | 13,101 | N/A | N/A | ||||
iShares iBonds Dec 2023 Term Corporate ETF | 03/11/15 | 23,260 | 28,563 | 26,022 | ||||
iShares iBonds Dec 2024 Term Corporate ETF | 03/11/15 | 25,934 | 26,916 | 24,272 | ||||
iShares iBonds Dec 2025 Term Corporate ETF | 03/11/15 | 23,927 | 25,390 | 23,050 | ||||
iShares iBonds Dec 2026 Term Corporate ETF | 09/13/16 | 22,508 | 22,620 | 21,160 | ||||
iShares iBonds Dec 2027 Term Corporate ETF | 09/12/17 | 20,941 | 20,741 | 20,154 | ||||
iShares iBonds Dec 2028 Term Corporate ETF | 09/18/18 | 19,324 | 19,281 | 18,701 | ||||
iShares iBonds Dec 2029 Term Corporate ETF | 09/17/19 | 17,919 | 18,107 | 18,201 |
Fund | Fund Inception Date | Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares iBonds Dec 2030 Term Corporate ETF | 06/23/20 | 17,472 | 17,879 | 6,943 | ||||
iShares iBonds Dec 2031 Term Corporate ETF | 06/22/21 | 16,915 | 6,907 | N/A | ||||
iShares iBonds Dec 2032 Term Corporate ETF | 06/28/22 | 6,162 | N/A | N/A | ||||
iShares iBonds Dec 2023 Term Treasury ETF | 02/25/20 | 17,774 | 17,492 | 12,313 | ||||
iShares iBonds Dec 2024 Term Treasury ETF | 02/25/20 | 17,083 | 17,407 | 12,298 | ||||
iShares iBonds Dec 2025 Term Treasury ETF | 02/25/20 | 16,726 | 17,366 | 12,312 | ||||
iShares iBonds Dec 2026 Term Treasury ETF | 02/25/20 | 16,591 | 17,353 | 12,297 | ||||
iShares iBonds Dec 2027 Term Treasury ETF | 02/25/20 | 16,320 | 17,376 | 12,270 | ||||
iShares iBonds Dec 2028 Term Treasury ETF | 02/25/20 | 16,170 | 17,429 | 12,228 | ||||
iShares iBonds Dec 2029 Term Treasury ETF | 02/25/20 | 16,148 | 17,326 | 12,311 | ||||
iShares iBonds Dec 2030 Term Treasury ETF | 07/14/20 | 16,526 | 17,282 | 5,421 | ||||
iShares iBonds Dec 2031 Term Treasury ETF | 07/13/21 | 16,099 | 5,455 | N/A | ||||
iShares iBonds Dec 2032 Term Treasury ETF | 07/06/22 | 5,840 | N/A | N/A | ||||
iShares iBonds Mar 2023 Term Corporate ETF | 07/09/13 | 15,905 | 17,837 | 18,121 |
Fund | iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
Gross income from securities lending activities |
$245,411 | $205,282 | $130,669 |
Fund | iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
10,349 | 18,121 | 8,900 |
Cash collateral management expenses not included in securities lending income paid to BTC |
5,380 | 4,256 | 2,881 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
182,176 | 100,355 | 78,263 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$197,905 | $122,732 | $90,044 |
Net income from securities lending activities |
$47,506 | $82,550 | $40,625 |
Fund | iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds 2027 Term High Yield and Income ETF |
iShares iBonds 2028 Term High Yield and Income ETF |
Gross income from securities lending activities |
$62,918 | $28,352 | $16,287 |
Fund | iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds 2027 Term High Yield and Income ETF |
iShares iBonds 2028 Term High Yield and Income ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
3,156 | 1,446 | 798 |
Cash collateral management expenses not included in securities lending income paid to BTC |
1,411 | 592 | 256 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
43,961 | 19,731 | 11,597 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$48,528 | $21,769 | $12,651 |
Net income from securities lending activities |
$14,390 | $6,583 | $3,636 |
Fund | iShares iBonds 2029 Term High Yield and Income ETF |
iShares iBonds Dec 2023 Term Corporate ETF |
iShares iBonds Dec 2024 Term Corporate ETF |
Gross income from securities lending activities |
$14,396 | $2,746,858 | $1,193,200 |
Fund | iShares iBonds 2029 Term High Yield and Income ETF |
iShares iBonds Dec 2023 Term Corporate ETF |
iShares iBonds Dec 2024 Term Corporate ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
671 | 79,711 | 46,275 |
Cash collateral management expenses not included in securities lending income paid to BTC |
235 | 64,291 | 35,009 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
10,431 | 2,226,880 | 895,763 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$11,337 | $2,370,882 | $977,047 |
Net income from securities lending activities |
$3,059 | $375,976 | $216,153 |
Fund | iShares iBonds Dec 2025 Term Corporate ETF |
iShares iBonds Dec 2026 Term Corporate ETF |
iShares iBonds Dec 2027 Term Corporate ETF |
Gross income from securities lending activities |
$1,108,041 | $606,491 | $937,499 |
Fund | iShares iBonds Dec 2025 Term Corporate ETF |
iShares iBonds Dec 2026 Term Corporate ETF |
iShares iBonds Dec 2027 Term Corporate ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
35,102 | 22,312 | 38,223 |
Cash collateral management expenses not included in securities lending income paid to BTC |
29,238 | 22,773 | 26,139 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
875,764 | 450,919 | 695,194 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$940,104 | $496,004 | $759,556 |
Net income from securities lending activities |
$167,937 | $110,487 | $177,943 |
Fund | iShares iBonds Dec 2028 Term Corporate ETF |
iShares iBonds Dec 2029 Term Corporate ETF |
iShares iBonds Dec 2030 Term Corporate ETF |
Gross income from securities lending activities |
$334,911 | $265,505 | $182,814 |
Fund | iShares iBonds Dec 2028 Term Corporate ETF |
iShares iBonds Dec 2029 Term Corporate ETF |
iShares iBonds Dec 2030 Term Corporate ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
9,768 | 9,612 | 5,742 |
Cash collateral management expenses not included in securities lending income paid to BTC |
9,199 | 7,057 | 5,253 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
268,163 | 203,962 | 143,959 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$287,130 | $220,631 | $154,954 |
Net income from securities lending activities |
$47,781 | $44,874 | $27,860 |
Fund | iShares iBonds Dec 2031 Term Corporate ETF |
iShares iBonds Dec 2032 Term Corporate ETF |
iShares iBonds Dec 2023 Term Treasury ETF |
Gross income from securities lending activities |
$103,892 | $8,041 | $124,903 |
Fund | iShares iBonds Dec 2031 Term Corporate ETF |
iShares iBonds Dec 2032 Term Corporate ETF |
iShares iBonds Dec 2023 Term Treasury ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
2,935 | 245 | 1,170 |
Cash collateral management expenses not included in securities lending income paid to BTC |
2,059 | 104 | 2,029 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
85,174 | 6,577 | 113,687 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$90,168 | $6,926 | $116,886 |
Net income from securities lending activities |
$13,724 | $1,115 | $8,017 |
Fund | iShares iBonds Dec 2024 Term Treasury ETF |
iShares iBonds Dec 2025 Term Treasury ETF |
iShares iBonds Dec 2026 Term Treasury ETF |
Gross income from securities lending activities |
$18,047 | $2,055 | $720 |
Fund | iShares iBonds Dec 2024 Term Treasury ETF |
iShares iBonds Dec 2025 Term Treasury ETF |
iShares iBonds Dec 2026 Term Treasury ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
453 | 66 | 58 |
Cash collateral management expenses not included in securities lending income paid to BTC |
467 | 90 | 54 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
14,526 | 1,516 | 326 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$15,446 | $1,672 | $438 |
Net income from securities lending activities |
$2,601 | $383 | $282 |
Fund | iShares iBonds Dec 2027 Term Treasury ETF |
iShares iBonds Dec 2028 Term Treasury ETF |
iShares iBonds Dec 2029 Term Treasury ETF |
Gross income from securities lending activities |
$515 | $81 | $241 |
Fund | iShares iBonds Dec 2027 Term Treasury ETF |
iShares iBonds Dec 2028 Term Treasury ETF |
iShares iBonds Dec 2029 Term Treasury ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
58 | 0 | 23 |
Cash collateral management expenses not included in securities lending income paid to BTC |
59 | 1 | 22 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
86 | 76 | 85 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$203 | $77 | $130 |
Net income from securities lending activities |
$312 | $4 | $111 |
Fund | iShares iBonds Dec 2030 Term Treasury ETF |
iShares iBonds Dec 2031 Term Treasury ETF |
iShares iBonds Dec 2032 Term Treasury ETF |
Gross income from securities lending activities |
$20 | $64 | $518 |
Fund | iShares iBonds Dec 2030 Term Treasury ETF |
iShares iBonds Dec 2031 Term Treasury ETF |
iShares iBonds Dec 2032 Term Treasury ETF |
Fees and/or compensation for securities lending activities and related services |
|||
Securities lending income paid to BTC for services as securities lending agent |
0 | 4 | 9 |
Cash collateral management expenses not included in securities lending income paid to BTC |
1 | 15 | 9 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Rebates (paid to borrowers) |
0 | 0 | 454 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$1 | $19 | $472 |
Net income from securities lending activities |
$19 | $45 | $46 |
Fund | iShares iBonds Mar 2023 Term Corporate ETF |
Gross income from securities lending activities |
$119,381 |
Fund | iShares iBonds Mar 2023 Term Corporate ETF |
Fees and/or compensation for securities lending activities and related services |
|
Securities lending income paid to BTC for services as securities lending agent |
3,992 |
Cash collateral management expenses not included in securities lending income paid to BTC |
3,052 |
Administrative fees not included in securities lending income paid to BTC |
0 |
Indemnification fees not included in securities lending income paid to BTC |
0 |
Rebates (paid to borrowers) |
93,529 |
Other fees not included in securities lending income paid to BTC |
0 |
Aggregate fees/compensation for securities lending activities |
$100,573 |
Net income from securities lending activities |
$18,808 |
Fund | Issuer | Market Value of Investment | ||
iShares iBonds 2023 Term High Yield and Income ETF | Morgan Stanley | $1,308,504 | ||
Deutsche Bank AG | 517,182 | |||
Jefferies Financial Group Inc. | 284,350 | |||
iShares iBonds 2025 Term High Yield and Income ETF | Deutsche Bank AG | $701,750 | ||
iShares iBonds Dec 2023 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $27,589,258 | ||
Morgan Stanley | 26,950,532 | |||
Bank of America Corp. | 24,910,891 | |||
JPMorgan Chase & Co. | 24,871,389 | |||
Bank of New York Mellon Corp. (The) | 22,162,037 | |||
Deutsche Bank AG | 13,782,693 | |||
Citigroup, Inc. | 12,930,259 | |||
Wells Fargo & Co. | 11,464,378 | |||
iShares iBonds Dec 2024 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $36,132,999 | ||
Bank of America Corp. | 30,430,124 | |||
Wells Fargo & Co. | 24,996,747 | |||
JPMorgan Chase & Co. | 26,705,849 | |||
Morgan Stanley | 26,190,430 | |||
Bank of New York Mellon Corp. (The) | 16,434,971 | |||
Mitsubishi UFJ Financial Group, Inc. | 11,511,718 | |||
Citigroup, Inc. | 6,014,366 | |||
Barclays PLC | 5,278,522 | |||
iShares iBonds Dec 2025 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $26,304,645 | ||
Bank of America Corp. | 18,547,219 | |||
Citigroup, Inc. | 17,402,272 | |||
JPMorgan Chase & Co. | 15,253,148 | |||
Morgan Stanley | 14,867,571 | |||
Bank of New York Mellon Corp. (The) | 10,526,789 | |||
Barclays PLC | 5,861,127 | |||
Deutsche Bank AG | 2,826,384 | |||
iShares iBonds Dec 2026 Term Corporate ETF | JPMorgan Chase & Co. | $22,679,570 | ||
Citigroup, Inc. | 22,590,442 |
Fund | Issuer | Market Value of Investment | ||
Wells Fargo & Co. | 21,883,264 | |||
Morgan Stanley | 21,216,579 | |||
Bank of America Corp. | 18,153,635 | |||
Royal Bank of Canada | 14,823,866 | |||
Barclays PLC | 10,970,881 | |||
Bank of New York Mellon Corp. (The) | 7,388,358 | |||
Deutsche Bank AG | 4,319,580 | |||
iShares iBonds Dec 2027 Term Corporate ETF | Morgan Stanley | $9,368,580 | ||
Bank of America Corp. | 9,087,161 | |||
Goldman Sachs Group Inc. (The) | 8,624,355 | |||
Citigroup, Inc. | 8,273,275 | |||
JPMorgan Chase & Co. | 7,460,932 | |||
Bank of New York Mellon Corp. (The) | 4,375,997 | |||
iShares iBonds Dec 2028 Term Corporate ETF | Barclays PLC | $5,229,220 | ||
Bank of New York Mellon Corp. (The) | 4,826,414 | |||
Citigroup, Inc. | 4,415,208 | |||
iShares iBonds Dec 2029 Term Corporate ETF | Wells Fargo & Co. | $2,907,009 | ||
Bank of New York Mellon Corp. (The) | 1,681,044 | |||
iShares iBonds Dec 2030 Term Corporate ETF | Goldman Sachs Group Inc. (The) | $2,196,236 | ||
JPMorgan Chase & Co. | 181,223 | |||
iShares iBonds Dec 2031 Term Corporate ETF | Bank of New York Mellon Corp. (The) | $377,179 | ||
iShares iBonds Dec 2032 Term Corporate ETF | Morgan Stanley | $97,510 | ||
Citigroup, Inc. | 91,140 | |||
Bank of New York Mellon Corp. (The) | 34,857 | |||
iShares iBonds Mar 2023 Term Corporate ETF | Morgan Stanley | $3,239,672 | ||
Goldman Sachs Group Inc. (The) | 2,596,045 | |||
Bank of America Corp. | 1,321,886 | |||
JPMorgan Chase & Co. | 581,239 | |||
Bank of New York Mellon Corp. (The) | 323,215 | |||
Royal Bank of Canada | 152,172 | |||
Fund | Fiscal Year Ended Oct. 31, 2022 |
Fiscal Year Ended Oct. 31, 2021 | ||
iShares iBonds 2023 Term High Yield and Income ETF | 19% | 46% | ||
iShares iBonds 2024 Term High Yield and Income ETF | 24% | 44% | ||
iShares iBonds 2025 Term High Yield and Income ETF | 20% | 29% | ||
iShares iBonds 2026 Term High Yield and Income ETF | 15% | 35%1,2 | ||
iShares iBonds 2027 Term High Yield and Income ETF | 13% | 3%3,4 | ||
iShares iBonds 2028 Term High Yield and Income ETF | 8%5,6 | N/A | ||
iShares iBonds 2029 Term High Yield and Income ETF | 14%5,6 | N/A | ||
iShares iBonds Dec 2023 Term Corporate ETF | 14% | 12% | ||
iShares iBonds Dec 2024 Term Corporate ETF | 9% | 9% | ||
iShares iBonds Dec 2025 Term Corporate ETF | 11% | 8% | ||
iShares iBonds Dec 2026 Term Corporate ETF | 5% | 7% | ||
iShares iBonds Dec 2027 Term Corporate ETF | 10% | 4% | ||
iShares iBonds Dec 2028 Term Corporate ETF | 8% | 10% | ||
iShares iBonds Dec 2029 Term Corporate ETF | 12% | 4% | ||
iShares iBonds Dec 2030 Term Corporate ETF | 7% | 4% | ||
iShares iBonds Dec 2031 Term Corporate ETF | 5% | 15%7,8 | ||
iShares iBonds Dec 2032 Term Corporate ETF | 4%9,10 | N/A | ||
iShares iBonds Dec 2023 Term Treasury ETF | 29% | 10% | ||
iShares iBonds Dec 2024 Term Treasury ETF | 63% | 112% | ||
iShares iBonds Dec 2025 Term Treasury ETF | 63% | 15% | ||
iShares iBonds Dec 2026 Term Treasury ETF | 76% | 41% | ||
iShares iBonds Dec 2027 Term Treasury ETF | 58% | 18% | ||
iShares iBonds Dec 2028 Term Treasury ETF | 34% | 73% | ||
iShares iBonds Dec 2029 Term Treasury ETF | 51% | 0% | ||
iShares iBonds Dec 2030 Term Treasury ETF | 0% | 37% | ||
iShares iBonds Dec 2031 Term Treasury ETF | 10% | 26%11,12 | ||
iShares iBonds Dec 2032 Term Treasury ETF | 47%13,14 | N/A | ||
iShares iBonds Mar 2023 Term Corporate ETF | 5% | 13% |
1 | The portfolio turnover for the iShares iBonds 2026 Term High Yield and Income ETF relates to the period of November 10, 2020 to October 31, 2021 and is not annualized. |
2 | The inception date for the iShares iBonds 2026 Term High Yield and Income ETF was November 10, 2020. |
3 | The portfolio turnover for the iShares iBonds 2027 Term High Yield and Income ETF relates to the period of July 7, 2021 to October 31, 2021 and is not annualized. |
4 | The inception date for the iShares iBonds 2027 Term High Yield and Income ETF was July 7, 2021. |
5 | The portfolio turnover for the iShares iBonds 2028 Term High Yield and Income ETF and iShares iBonds 2029 Term High Yield and Income ETF relates to the period of March 8, 2022 to October 31, 2022 and is not annualized. |
6 | The inception date for the iShares iBonds 2028 Term High Yield and Income ETF and iShares iBonds 2029 Term High Yield and Income ETF was March 8, 2022. |
7 | The portfolio turnover for the iShares iBonds Dec 2031 Term Corporate ETF relates to the period of June 22, 2021 to October 31, 2021 and is not annualized. |
8 | The inception date for the iShares iBonds Dec 2031 Term Corporate ETF was June 22, 2021. |
9 | The portfolio turnover for the iShares iBonds Dec 2032 Term Corporate ETF relates to the period of June 28, 2022 to October 31, 2022 and is not annualized. |
10 | The inception date for the iShares iBonds Dec 2032 Term Corporate ETF was June 28, 2022. |
11 | The portfolio turnover for the iShares iBonds Dec 2031 Term Treasury ETF relates to the period of July 13, 2021 to October 31, 2021 and is not annualized. |
12 | The inception date for the iShares iBonds Dec 2031 Term Treasury ETF was July 13, 2021. |
13 | The portfolio turnover for the iShares iBonds Dec 2032 Term Treasury ETF relates to the period of July 6, 2022 to October 31, 2022 and is not annualized. |
14 | The inception date for the iShares iBonds Dec 2032 Term Treasury ETF was July 6, 2022. |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | ||
iShares iBonds 2023 Term High Yield and Income ETF | 100,000 | $2,344,515.80 | ||
iShares iBonds 2024 Term High Yield and Income ETF | 100,000 | 2,285,041.30 | ||
iShares iBonds 2025 Term High Yield and Income ETF | 100,000 | 2,269,836.80 | ||
iShares iBonds 2026 Term High Yield and Income ETF | 100,000 | 2,260,480.80 | ||
iShares iBonds 2027 Term High Yield and Income ETF | 100,000 | 2,167,475.10 | ||
iShares iBonds 2028 Term High Yield and Income ETF | 100,000 | 2,245,676.00 | ||
iShares iBonds 2029 Term High Yield and Income ETF | 100,000 | 2,211,011.00 | ||
iShares iBonds Dec 2023 Term Corporate ETF | 50,000 | 1,249,957.20 | ||
iShares iBonds Dec 2024 Term Corporate ETF | 50,000 | 1,222,517.45 | ||
iShares iBonds Dec 2025 Term Corporate ETF | 50,000 | 1,220,295.50 | ||
iShares iBonds Dec 2026 Term Corporate ETF | 50,000 | 1,174,382.15 | ||
iShares iBonds Dec 2027 Term Corporate ETF | 50,000 | 1,174,983.20 | ||
iShares iBonds Dec 2028 Term Corporate ETF | 50,000 | 1,224,987.00 | ||
iShares iBonds Dec 2029 Term Corporate ETF | 50,000 | 1,119,844.05 | ||
iShares iBonds Dec 2030 Term Corporate ETF | 50,000 | 1,050,942.70 | ||
iShares iBonds Dec 2031 Term Corporate ETF | 50,000 | 1,010,601.00 | ||
iShares iBonds Dec 2032 Term Corporate ETF | 50,000 | 1,226,694.25 | ||
iShares iBonds Dec 2023 Term Treasury ETF | 50,000 | 1,236,157.40 | ||
iShares iBonds Dec 2024 Term Treasury ETF | 50,000 | 1,195,447.20 | ||
iShares iBonds Dec 2025 Term Treasury ETF | 50,000 | 1,169,404.80 | ||
iShares iBonds Dec 2026 Term Treasury ETF | 50,000 | 1,143,064.35 | ||
iShares iBonds Dec 2027 Term Treasury ETF | 50,000 | 1,123,498.45 | ||
iShares iBonds Dec 2028 Term Treasury ETF | 50,000 | 1,109,183.20 | ||
iShares iBonds Dec 2029 Term Treasury ETF | 50,000 | 1,094,625.45 | ||
iShares iBonds Dec 2030 Term Treasury ETF | 50,000 | 994,176.05 | ||
iShares iBonds Dec 2031 Term Treasury ETF | 50,000 | 1,039,910.90 | ||
iShares iBonds Dec 2032 Term Treasury ETF | 50,000 | 1,174,554.60 |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | ||
iShares iBonds Mar 2023 Term Corporate ETF | 50,000 | 1,324,414.45 |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge for Creations* | ||
iShares iBonds 2023 Term High Yield and Income ETF | $925 | 3.0% | ||
iShares iBonds 2024 Term High Yield and Income ETF | 900 | 3.0% | ||
iShares iBonds 2025 Term High Yield and Income ETF | 975 | 3.0% | ||
iShares iBonds 2026 Term High Yield and Income ETF | 800 | 3.0% | ||
iShares iBonds 2027 Term High Yield and Income ETF | 975 | 3.0% | ||
iShares iBonds 2028 Term High Yield and Income ETF | 1,125 | 3.0% |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge for Creations* | ||
iShares iBonds 2029 Term High Yield and Income ETF | 1,250 | 3.0% | ||
iShares iBonds Dec 2023 Term Corporate ETF | 600 | 3.0% | ||
iShares iBonds Dec 2024 Term Corporate ETF | 600 | 3.0% | ||
iShares iBonds Dec 2025 Term Corporate ETF | 250 | 3.0% | ||
iShares iBonds Dec 2026 Term Corporate ETF | 375 | 3.0% | ||
iShares iBonds Dec 2027 Term Corporate ETF | 300 | 3.0% | ||
iShares iBonds Dec 2028 Term Corporate ETF | 650 | 3.0% | ||
iShares iBonds Dec 2029 Term Corporate ETF | 350 | 3.0% | ||
iShares iBonds Dec 2030 Term Corporate ETF | 425 | 3.0% | ||
iShares iBonds Dec 2031 Term Corporate ETF | 425 | 3.0% | ||
iShares iBonds Dec 2032 Term Corporate ETF | 300 | 3.0% | ||
iShares iBonds Dec 2023 Term Treasury ETF | 175 | 3.0% | ||
iShares iBonds Dec 2024 Term Treasury ETF | 175 | 3.0% | ||
iShares iBonds Dec 2025 Term Treasury ETF | 150 | 3.0% | ||
iShares iBonds Dec 2026 Term Treasury ETF | 150 | 3.0% | ||
iShares iBonds Dec 2027 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2028 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2029 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2030 Term Treasury ETF | 125 | 3.0% | ||
iShares iBonds Dec 2031 Term Treasury ETF | 100 | 3.0% | ||
iShares iBonds Dec 2032 Term Treasury ETF | 100 | 3.0% | ||
iShares iBonds Mar 2023 Term Corporate ETF | 150 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge for Redemptions* | ||
iShares iBonds 2023 Term High Yield and Income ETF | $925 | 2.0% | ||
iShares iBonds 2024 Term High Yield and Income ETF | 900 | 2.0% | ||
iShares iBonds 2025 Term High Yield and Income ETF | 975 | 2.0% | ||
iShares iBonds 2026 Term High Yield and Income ETF | 800 | 2.0% | ||
iShares iBonds 2027 Term High Yield and Income ETF | 975 | 2.0% | ||
iShares iBonds 2028 Term High Yield and Income ETF | 1,125 | 2.0% | ||
iShares iBonds 2029 Term High Yield and Income ETF | 1,250 | 2.0% | ||
iShares iBonds Dec 2023 Term Corporate ETF | 600 | 2.0% | ||
iShares iBonds Dec 2024 Term Corporate ETF | 600 | 2.0% | ||
iShares iBonds Dec 2025 Term Corporate ETF | 250 | 2.0% | ||
iShares iBonds Dec 2026 Term Corporate ETF | 375 | 2.0% | ||
iShares iBonds Dec 2027 Term Corporate ETF | 300 | 2.0% | ||
iShares iBonds Dec 2028 Term Corporate ETF | 650 | 2.0% | ||
iShares iBonds Dec 2029 Term Corporate ETF | 350 | 2.0% | ||
iShares iBonds Dec 2030 Term Corporate ETF | 425 | 2.0% | ||
iShares iBonds Dec 2031 Term Corporate ETF | 425 | 2.0% |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge for Redemptions* | ||
iShares iBonds Dec 2032 Term Corporate ETF | 300 | 2.0% | ||
iShares iBonds Dec 2023 Term Treasury ETF | 175 | 2.0% | ||
iShares iBonds Dec 2024 Term Treasury ETF | 175 | 2.0% | ||
iShares iBonds Dec 2025 Term Treasury ETF | 150 | 2.0% | ||
iShares iBonds Dec 2026 Term Treasury ETF | 150 | 2.0% | ||
iShares iBonds Dec 2027 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2028 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2029 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2030 Term Treasury ETF | 125 | 2.0% | ||
iShares iBonds Dec 2031 Term Treasury ETF | 100 | 2.0% | ||
iShares iBonds Dec 2032 Term Treasury ETF | 100 | 2.0% | ||
iShares iBonds Mar 2023 Term Corporate ETF | 150 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds 2023 Term High Yield and Income ETF | $3,350,761 | |
iShares iBonds 2024 Term High Yield and Income ETF | 1,721,311 | |
iShares iBonds 2025 Term High Yield and Income ETF | 1,571,118 | |
iShares iBonds 2026 Term High Yield and Income ETF | 554,974 | |
iShares iBonds 2027 Term High Yield and Income ETF | 302,074 | |
iShares iBonds 2028 Term High Yield and Income ETF | 193,964 | |
iShares iBonds 2029 Term High Yield and Income ETF | 319,627 | |
iShares iBonds Dec 2023 Term Corporate ETF | 829,310 | |
iShares iBonds Dec 2024 Term Corporate ETF | 4,975,778 | |
iShares iBonds Dec 2025 Term Corporate ETF | 5,160,941 | |
iShares iBonds Dec 2026 Term Corporate ETF | 4,544,315 | |
iShares iBonds Dec 2027 Term Corporate ETF | 7,877,147 | |
iShares iBonds Dec 2028 Term Corporate ETF | 4,102,089 | |
iShares iBonds Dec 2029 Term Corporate ETF | 4,158,568 | |
iShares iBonds Dec 2030 Term Corporate ETF | 1,313,151 | |
iShares iBonds Dec 2031 Term Corporate ETF | 650,362 | |
iShares iBonds Dec 2032 Term Corporate ETF | 27,619 |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds Dec 2023 Term Treasury ETF | 2,465,334 | |
iShares iBonds Dec 2024 Term Treasury ETF | 3,359,772 | |
iShares iBonds Dec 2025 Term Treasury ETF | 3,020,179 | |
iShares iBonds Dec 2026 Term Treasury ETF | 3,710,490 | |
iShares iBonds Dec 2027 Term Treasury ETF | 2,719,932 | |
iShares iBonds Dec 2028 Term Treasury ETF | 847,789 | |
iShares iBonds Dec 2029 Term Treasury ETF | 1,277,102 | |
iShares iBonds Dec 2030 Term Treasury ETF | 316,247 | |
iShares iBonds Dec 2031 Term Treasury ETF | 66,828 | |
iShares iBonds Dec 2032 Term Treasury ETF | 100,311 | |
iShares iBonds Mar 2023 Term Corporate ETF | 259,839 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF1 (the “Fund”) | IBCE | NYSE Arca |
1 | The iShares iBonds Mar 2023 Term Corporate ex-Financials ETF may also conduct business as the iBonds Mar 2023 Term Corporate ex-Financials ETF. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of the Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an |
Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics,” which seek to ascertain the 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 the Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Salim Ramji2 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF |
Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Fund and Fund Complex2 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $8 | Not Applicable | Not Applicable | $465,000 | ||||
Richard L. Fagnani | 8 | Not Applicable | Not Applicable | 476,764 | ||||
Cecilia H. Herbert | 8 | Not Applicable | Not Applicable | 475,000 | ||||
John E. Kerrigan | 9 | Not Applicable | Not Applicable | 505,000 | ||||
Drew E. Lawton | 8 | Not Applicable | Not Applicable | 461,764 | ||||
John E. Martinez | 8 | Not Applicable | Not Applicable | 450,000 | ||||
Madhav V. Rajan | 8 | Not Applicable | Not Applicable | 450,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Name | Percentage of Ownership | |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
21.74% | |
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
20.77% | |
BlackRock Institutional Trust Company, N.A. 400 Howard Street San Francisco, CA 94105 |
8.90% | |
American Enterprise Investment Services Inc. 719 Griswold St. Detroit, MI 48226 |
6.88% | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.57% |
Management Fee for Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 | ||||
0.10%1 | 04/17/13 | $ 32,762 | $28,994 | $26,093 |
1 | BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $645, $467 and $225 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 122 | $538,413,000,000 | ||
Other Pooled Investment Vehicles | 16 | 31,695,000,000 | ||
Other Accounts | 6 | 7,414,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 115 | $532,673,000,000 | ||
Other Pooled Investment Vehicles | 19 | 6,134,000,000 | ||
Other Accounts | 12 | 6,415,000,000 |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts | Number of Other Accounts with Performance-Based Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 4 | $1,331,000,000 | ||
Other Accounts | 4 | 2,450,000,000 |
Fund Inception Date | Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | |||
04/17/13 | $15,947 | $17,458 | $17,589 |
Fund | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF |
Gross income from securities lending activities |
$65,235 |
Fees and/or compensation for securities lending activities and related services |
|
Securities lending income paid to BTC for services as securities lending agent |
2,558 |
Cash collateral management expenses not included in securities lending income paid to BTC |
1,656 |
Administrative fees not included in securities lending income paid to BTC |
0 |
Fund | iShares iBonds Mar 2023 Term Corporate ex-Financials ETF |
Indemnification fees not included in securities lending income paid to BTC |
0 |
Rebates (paid to borrowers) |
48,991 |
Other fees not included in securities lending income paid to BTC |
0 |
Aggregate fees/compensation for securities lending activities |
$53,205 |
Net income from securities lending activities |
$12,030 |
Fiscal Year Ended Oct. 31, 2022 |
Fiscal Year Ended Oct. 31, 2021 | ||
6% | 9% |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | |
50,000 | $1,212,987.95 |
Standard Creation Transaction Fee |
Maximum Additional Charge for Creations* | |
$150 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption Transaction Fee |
Maximum Additional Charge for Redemptions* | |
$150 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares J.P. Morgan Broad USD Emerging Markets Bond ETF (the “Fund”) | BEMB | Cboe BZX |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit the Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If an issuer redeems the high yield bonds, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, the Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing the Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect the Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured |
savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of the Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics,” which seek to ascertain the 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 the Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that |
the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. | |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Salim Ramji2 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares J.P. Morgan Broad USD Emerging Markets Bond ETF |
Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Fund and Fund Complex2 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $0 | Not Applicable | Not Applicable | $465,000 | ||||
Richard L. Fagnani | 0 | Not Applicable | Not Applicable | 476,764 | ||||
Cecilia H. Herbert | 0 | Not Applicable | Not Applicable | 475,000 | ||||
John E. Kerrigan | 0 | Not Applicable | Not Applicable | 505,000 | ||||
Drew E. Lawton | 0 | Not Applicable | Not Applicable | 461,764 | ||||
John E. Martinez | 0 | Not Applicable | Not Applicable | 450,000 | ||||
Madhav V. Rajan | 0 | Not Applicable | Not Applicable | 450,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 123 | $538,452,000,000 | ||
Other Pooled Investment Vehicles | 16 | 31,695,000,000 | ||
Other Accounts | 6 | 7,414,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 116 | $532,712,000,000 | ||
Other Pooled Investment Vehicles | 19 | 6,134,000,000 | ||
Other Accounts | 12 | 6,415,000,000 |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 4 | $1,331,000,000 | ||
Other Accounts | 4 | 2,450,000,000 |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | |
100,000 | $5,000,000 |
Standard Creation Transaction Fee |
Maximum Additional Charge* | |
$200 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption Transaction Fee |
Maximum Additional Charge* | |
$200 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares iBonds Dec 2023 Term Muni Bond ETF1 | IBML | Cboe BZX | ||
iShares iBonds Dec 2024 Term Muni Bond ETF2 | IBMM | Cboe BZX | ||
iShares iBonds Dec 2025 Term Muni Bond ETF3 | IBMN | Cboe BZX | ||
iShares iBonds Dec 2026 Term Muni Bond ETF4 | IBMO | Cboe BZX | ||
iShares iBonds Dec 2027 Term Muni Bond ETF5 | IBMP | Cboe BZX | ||
iShares iBonds Dec 2028 Term Muni Bond ETF6 | IBMQ | Cboe BZX |
1 | The iShares iBonds Dec 2023 Term Muni Bond ETF may also conduct business as the iBonds Dec 2023 Term Muni Bond ETF. |
2 | The iShares iBonds Dec 2024 Term Muni Bond ETF may also conduct business as the iBonds Dec 2024 Term Muni Bond ETF. |
3 | The iShares iBonds Dec 2025 Term Muni Bond ETF may also conduct business as the iBonds Dec 2025 Term Muni Bond ETF. |
4 | The iShares iBonds Dec 2026 Term Muni Bond ETF may also conduct business as the iBonds Dec 2026 Term Muni Bond ETF. |
5 | The iShares iBonds Dec 2027 Term Muni Bond ETF may also conduct business as the iBonds Dec 2027 Term Muni Bond ETF. |
6 | The iShares iBonds Dec 2028 Term Muni Bond ETF may also conduct business as the iBonds Dec 2028 Term Muni Bond ETF. |
• | iShares iBonds Dec 2023 Term Muni Bond ETF |
• | iShares iBonds Dec 2024 Term Muni Bond ETF |
• | iShares iBonds Dec 2025 Term Muni Bond ETF |
• | iShares iBonds Dec 2026 Term Muni Bond ETF |
• | iShares iBonds Dec 2027 Term Muni Bond ETF |
• | iShares iBonds Dec 2028 Term Muni Bond ETF |
• | 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. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
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 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Jane D. Carlin (1956) |
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). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Martinez (1961) |
Trustee (since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Trent Walker (1974) |
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. | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 500 ETF | $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P U.S. Value ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond 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 | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares iBonds Dec 2023 Term Muni Bond ETF |
iShares iBonds Dec 2024 Term Muni Bond ETF |
iShares iBonds Dec 2025 Term Muni Bond ETF |
iShares iBonds Dec 2026 Term Muni Bond ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $110 | $113 | $70 | $47 | ||||
Richard L. Fagnani | 110 | 114 | 70 |
48 | ||||
Cecilia H. Herbert | 114 | 117 | 72 | 49 | ||||
John E. Kerrigan | 118 | 122 | 75 | 51 | ||||
Drew E. Lawton | 107 | 110 | 68 | 46 | ||||
John E. Martinez | 107 | 110 | 68 | 46 | ||||
Madhav V. Rajan | 107 | 107 | 68 | 46 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares iBonds Dec 2027 Term Muni Bond ETF |
iShares iBonds Dec 2028 Term Muni Bond ETF | ||
Independent Trustees: | ||||
Jane D. Carlin | $39 | $22 | ||
Richard L. Fagnani | 39 | 22 | ||
Cecilia H. Herbert | 40 | 23 | ||
John E. Kerrigan | 42 | 24 | ||
Drew E. Lawton | 38 | 21 | ||
John E. Martinez | 38 | 21 | ||
Madhav V. Rajan | 38 | 21 | ||
Interested Trustees: | ||||
Robert S. Kapito | $0 | $0 | ||
Salim Ramji | 0 | 0 |
Name | Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Funds and Fund Complex2 | |||
Independent Trustees: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | $465,000 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 476,764 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 475,000 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 505,000 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 461,764 | |||
John E. Martinez | Not Applicable | Not Applicable | 450,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 450,000 | |||
Interested Trustees: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name | Percentage of Ownership | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
21.68% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
14.48% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.09% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
6.27% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.85% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.21% |
Fund | Name | Percentage of Ownership | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.18% | |||
iShares iBonds Dec 2024 Term Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
25.27% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
18.82% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
8.57% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.93% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.98% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
5.27% | |||
iShares iBonds Dec 2025 Term Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
24.17% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.30% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.58% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
6.97% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.34% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.71% | |||
American Enterprise Investment Services Inc. 719 Griswold St. Detroit, MI 48226 |
5.49% | |||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
5.43% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.35% |
Fund | Name | Percentage of Ownership | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
27.70% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
10.33% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
8.75% | |||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
7.99% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.79% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.89% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.18% | |||
iShares iBonds Dec 2027 Term Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
28.63% | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
11.30% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
11.25% | |||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
7.97% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
6.75% | |||
iShares iBonds Dec 2028 Term Muni Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
27.90% | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
10.78% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.88% |
Fund | Name | Percentage of Ownership | ||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
7.84% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
7.54% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.81% |
Fund | Management Fee for Fiscal Year Ended October 31, 2022 |
Fund Inception Date |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid, Net of Waivers, for Fiscal Year Ended Oct. 31, 2020 | |||||
iShares iBonds Dec 2023 Term Muni Bond ETF | 0.18% | 04/11/17 | $ 724,679 | $561,718 | $432,177 | |||||
iShares iBonds Dec 2024 Term Muni Bond ETF | 0.18% | 03/20/18 | 603,136 | 392,589 | 247,403 | |||||
iShares iBonds Dec 2025 Term Muni Bond ETF | 0.18% | 11/13/18 | 423,340 | 273,377 | 131,884 | |||||
iShares iBonds Dec 2026 Term Muni Bond ETF | 0.18% | 04/02/19 | 299,135 | 175,265 | 60,933 | |||||
iShares iBonds Dec 2027 Term Muni Bond ETF | 0.18% | 04/09/19 | 183,030 | 88,909 | 43,131 | |||||
iShares iBonds Dec 2028 Term Muni Bond ETF | 0.18% | 04/16/19 | 143,437 | 113,487 | 68,615 |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 116 | $536,253,000,000 | ||
Other Pooled Investment Vehicles | 16 | 31,695,000,000 | ||
Other Accounts | 6 | 7,414,000,000 |
Karen Uyehara | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 109 | $530,513,000,000 | ||
Other Pooled Investment Vehicles | 19 | 6,134,000,000 | ||
Other Accounts | 12 | 6,415,000,000 |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Karen Uyehara | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 4 | $1,331,000,000 | ||
Other Accounts | 4 | 2,450,000,000 |
Fund | Fund Inception Date |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares iBonds Dec 2023 Term Muni Bond ETF | 04/11/17 | $20,467 | $21,277 | $21,074 | ||||
iShares iBonds Dec 2024 Term Muni Bond ETF | 03/20/18 | 22,917 | 20,589 | 20,875 | ||||
iShares iBonds Dec 2025 Term Muni Bond ETF | 11/13/18 | 20,977 | 20,390 | 21,047 | ||||
iShares iBonds Dec 2026 Term Muni Bond ETF | 04/02/19 | 20,602 | 19,917 | 19,100 | ||||
iShares iBonds Dec 2027 Term Muni Bond ETF | 04/09/19 | 20,540 | 18,300 | 18,382 | ||||
iShares iBonds Dec 2028 Term Muni Bond ETF | 04/16/19 | 17,712 | 18,298 | 18,598 |
Fund | Fiscal Year Ended Oct. 31, 2022 |
Fiscal Year Ended Oct. 31, 2021 | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | 1% | 0% | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 0% | 0% | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 0% | 0% | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 2% | 2% | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 0% | 0% | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 0% | 0% |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | 50,000 | $1,269,108.30 | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 50,000 | 1,289,554.20 | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 50,000 | 1,318,066.10 | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 50,000 | 1,257,158.30 | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 50,000 | 1,249,906.05 | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 50,000 | 1,248,455.70 |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge* | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | $150 | 3.0% | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 275 | 3.0% | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 300 | 3.0% | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 300 | 3.0% | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 300 | 3.0% | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 300 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge* | ||
iShares iBonds Dec 2023 Term Muni Bond ETF | $150 | 2.0% | ||
iShares iBonds Dec 2024 Term Muni Bond ETF | 275 | 2.0% | ||
iShares iBonds Dec 2025 Term Muni Bond ETF | 300 | 2.0% | ||
iShares iBonds Dec 2026 Term Muni Bond ETF | 300 | 2.0% | ||
iShares iBonds Dec 2027 Term Muni Bond ETF | 300 | 2.0% | ||
iShares iBonds Dec 2028 Term Muni Bond ETF | 300 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard transaction fee. |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds Dec 2023 Term Muni Bond ETF | $41,991 | |
iShares iBonds Dec 2024 Term Muni Bond ETF | 15,753 |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares iBonds Dec 2026 Term Muni Bond ETF | 201,606 | |
iShares iBonds Dec 2027 Term Muni Bond ETF | 1,825 | |
iShares iBonds Dec 2028 Term Muni Bond ETF | 10,611 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE Arca | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | Nasdaq | ||
iShares 0-5 Year TIPS Bond ETF | STIP | NYSE Arca | ||
iShares 1-3 Year International Treasury Bond ETF | ISHG | Nasdaq | ||
iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca | ||
iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca | ||
iShares Broad USD High Yield Corporate Bond ETF | USHY | Cboe BZX | ||
iShares CMBS ETF | CMBS | NYSE Arca | ||
iShares Convertible Bond ETF | ICVT | Cboe BZX | ||
iShares Core 1-5 Year USD Bond ETF | ISTB | Nasdaq | ||
iShares Core International Aggregate Bond ETF | IAGG | Cboe BZX | ||
iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | Nasdaq | ||
iShares Fallen Angels USD Bond ETF | FALN | Nasdaq | ||
iShares Floating Rate Bond ETF | FLOT | Cboe BZX | ||
iShares GNMA Bond ETF | GNMA | Nasdaq | ||
iShares International Treasury Bond ETF | IGOV | Nasdaq | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | Nasdaq | ||
iShares TIPS Bond ETF | TIP | NYSE Arca | ||
iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | FIBR | Cboe BZX | ||
iShares U.S. Treasury Bond ETF | GOVT | Cboe BZX | ||
iShares USD Green Bond ETF | BGRN | Nasdaq |
• | iShares 0-5 Year High Yield Corporate Bond ETF |
• | iShares 0-5 Year Investment Grade Corporate Bond ETF |
• | iShares 0-5 Year TIPS Bond ETF1 |
• | iShares 1-3 Year International Treasury Bond ETF |
• | iShares Aaa - A Rated Corporate Bond ETF |
• | iShares BB Rated Corporate Bond ETF |
• | iShares Broad USD High Yield Corporate Bond ETF |
• | iShares CMBS ETF |
• | iShares Convertible Bond ETF |
• | iShares Core 1-5 Year USD Bond ETF |
• | iShares Core International Aggregate Bond ETF |
• | iShares ESG Advanced High Yield Corporate Bond ETF |
• | iShares Fallen Angels USD Bond ETF |
• | iShares Floating Rate Bond ETF |
• | iShares GNMA Bond ETF |
• | iShares International Treasury Bond ETF |
• | iShares J.P. Morgan USD Emerging Markets Bond ETF |
• | iShares TIPS Bond ETF2 |
• | iShares Treasury Floating Rate Bond ETF |
• | iShares U.S. Fixed Income Balanced Risk Factor ETF3 |
• | iShares U.S. Treasury Bond ETF |
• | iShares USD Green Bond ETF |
1 | On February 1, 2023, the Fund’s Underlying Index changed from the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) to the ICE U.S. Treasury 0-5 Year Inflation Linked Bond Index. |
2 | On February 1, 2023, the Fund’s Underlying Index changed from the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) to the ICE U.S. Treasury Inflation Linked Bond Index. |
3 | The iShares U.S. Fixed Income Balanced Risk Factor ETF previously operated as a series of iShares U.S. ETF Trust (the “Predecessor Fund”). Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization (the “Reorganization”), which was tax-free for U.S. federal income tax purposes. The Reorganization occurred on February 5, 2018. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund, which was actively managed by BlackRock Fund Advisors (“BFA”) using an investment strategy substantially similar to the methodology of the Underlying Index. A portion of the financial and performance information included in this SAI is that of the Predecessor Fund. |
Diversified Funds | Non-Diversified Funds | |
iShares 0-5 Year High Yield Corporate Bond ETF | iShares 1-3 Year International Treasury Bond ETF | |
iShares 0-5 Year Investment Grade Corporate Bond ETF | iShares Core International Aggregate Bond ETF | |
iShares 0-5 Year TIPS Bond ETF | iShares International Treasury Bond ETF | |
iShares Aaa - A Rated Corporate Bond ETF | ||
iShares BB Rated Corporate Bond ETF | ||
iShares Broad USD High Yield Corporate Bond ETF | ||
iShares CMBS ETF | ||
iShares Convertible Bond ETF | ||
iShares Core 1-5 Year USD Bond ETF | ||
iShares ESG Advanced High Yield Corporate Bond ETF | ||
iShares Fallen Angels USD Bond ETF | ||
iShares Floating Rate Bond ETF | ||
iShares GNMA Bond ETF | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | ||
iShares TIPS Bond ETF | ||
iShares Treasury Floating Rate Bond ETF | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | ||
iShares U.S. Treasury Bond ETF | ||
iShares USD Green Bond ETF |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund before it matures. If an issuer redeems the high yield bonds, a Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield |
securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. | |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing a Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: A Fund may make available through the facilities of the National Securities Clearing Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business day, a list of a Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to a Fund to settle purchases of a Fund (i.e. Deposit Securities) or that Authorized Participants would receive from a Fund to settle redemptions of a Fund (i.e. Fund Securities). These files are known as the Portfolio Composition File and the Fund Data File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on www.iShares.com after the close of markets in the U.S. |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities a Fund is willing to accept for a creation, and securities that a Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for a Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics,” 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. |
• | Where a bond’s guarantee comes from if the issuer is backed by a government or parent corporate entity. |
• | Where the largest source of revenue, operations or cash flows is generated by the issuer. |
• | Where an issuer is headquartered or its centralized decision-making occurs. |
• | Additional criteria may be used in the evaluation of a bond’s country of risk, including, but not limited to: |
• | Where the issuer is incorporated, legally domiciled and regulated. |
• | Where an issuer’s stock is listed and traded. |
• | Where existing issuers within the index that are similarly structured or organized are classified. |
• | Adult Entertainment: All companies that derive 5% or more aggregate revenue from the production, distribution and retail, and all companies that produce, direct, or publish adult entertainment materials that fall into the following categories: producer of NC-17- rated films, pay-per-view programming or channels, sexually explicit video games, books or magazines with adult content, live entertainment of an adult nature, adults-only material on the internet; |
• | Alcohol: All companies classified as a “producer” that derive $500 million or 5% or more in revenue from manufacturing, distributing, retailing, licensing, and supplying alcoholic products, and all companies deriving 15% or more aggregate revenue from the manufacture, distribution, retailing, licensing, and supply of alcoholic products; |
• | Gambling: All companies classified as involved in “operations” that derive $500 million or 5% or more in revenue from ownership or operation of gambling facilities, provision of key products or services fundamental to gambling operations, and licensing of gambling products, and all companies deriving 15% or more aggregate revenue from ownership or operation of gambling facilities, provision of key products or services fundamental to gambling operations, and licensing of gambling products; |
• | Tobacco: All companies that manufacture tobacco products, such as cigars, blunts, cigarettes, e-cigarettes, inhalers, beedis, kreteks, smokeless tobacco, snuff, snus, dissolvable and chewing tobacco (including companies that grow or process raw tobacco leaves), and all companies deriving 5% or more aggregate revenue from the manufacture, distribution, retailing, licensing, and supply of tobacco products; |
• | Genetically Modified Organisms (GMO): All companies deriving revenue from genetically modifying plants, such as seeds and crops, and other organisms intended for agricultural use or human consumption; |
• | Controversial Weapons: All companies that manufacture cluster munitions whole weapons systems, components, or delivery platforms, all companies involved in the production of depleted uranium (DU) weapons, ammunition, and armor, including companies that manufacture armor piercing, fin stabilized, discarding sabot tracing rounds (APFSDS-T), kinetic Energy Missiles made with DU penetrators, and DU-enhanced armor, including composite tank armor, and all companies that manufacture landmines whole systems or components; |
• | Nuclear Weapons: All companies that manufacture nuclear warheads and/or whole nuclear missiles (including assembly and integration of warhead and missile body, as well as companies with contracts to operate/manage government-owned facilities that manufacture nuclear warheads and missiles), all companies that manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons (warheads and missiles) (including companies with contracts to operate/manage government-owned facilities that manufacture components for nuclear warheads and missiles), all companies that manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons, all companies that manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons (warheads and missiles) but can be used in nuclear weapons, all companies that manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but have the capability to deliver nuclear weapons, all companies that manufacture components for nuclear-exclusive delivery platforms, and all companies that manufacture components for dual-use delivery platforms; |
• | Civilian Weapons: All companies that manufacture firearms and small arms ammunitions for civilian markets (but not including companies that cater to the military, government, and law enforcement markets), all companies deriving 5% or more aggregate revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use, and all companies deriving $20 million or more revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use; |
• | Conventional Weapons: All companies deriving 5% or more revenue from the production of conventional weapons and components, all companies deriving 10% or more aggregate revenue from weapons systems, components, and support systems and services for conventional weapons; |
• | For Profit Prisons: All companies deriving 50% or more revenue from involvement in the operation of “for profit prisons” (also known as “private prisons”) or the provision of integral services to these types of facilities; |
• | Predatory Lending: All companies deriving 5% or more revenue from products and services associated with certain controversial lending practices; |
• | Palm Oil: All companies deriving more than 0% revenue from cultivating oil palm trees and harvesting fresh fruit bunches (FFBs) used to produce palm oil products; |
• | Nuclear Power: All companies that own or operate nuclear power plants, or own or operate active uranium mines, or involved in uranium enrichment and processing or the design and engineering of nuclear power reactors, and all companies deriving 15% or more aggregate revenue from ownership or operation of nuclear power plants and supply of key nuclear-specific products or services; and |
• | Fossil Fuel: All companies that belong to the Bloomberg Energy Fixed Income Sector or all companies that have an industry tie to fossil fuels (thermal coal, oil and gas) – in particular, reserve ownership, related revenues and power generation. Companies are not excluded from the Underlying Index solely on the basis of metallurgical coal reserve ownership. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that each Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except each Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by each Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts (including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group |
of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. | |
2. | Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), each Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent each Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with each Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that each Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as permitted under the 1940 Act and the rules, regulation and orders thereunder. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Salim Ramji2 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares 0-5 Year High Yield Corporate Bond ETF |
iShares 0-5 Year Investment Grade Corporate Bond ETF |
iShares 0-5 Year TIPS Bond ETF |
iShares 1-3 Year International Treasury Bond ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $1,558 | $669 | $2,675 | $12 | ||||
Richard L. Fagnani | 1,567 | 673 | 2,689 | 12 | ||||
Cecilia H. Herbert | 1,618 | 695 | 2,777 | 13 | ||||
John E. Kerrigan | 1,686 | 724 | 2,894 | 13 | ||||
Drew E. Lawton | 1,516 | 651 | 2,601 | 12 | ||||
John E. Martinez | 1,516 | 651 | 2,601 | 12 | ||||
Madhav V. Rajan | 1,516 | 651 | 2,601 | 12 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares Aaa - A Rated Corporate Bond ETF |
iShares BB Rated Corporate Bond ETF |
iShares Broad USD High Yield Corporate Bond ETF |
iShares CMBS ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $173 | $74 | $1,821 | $131 | ||||
Richard L. Fagnani | 174 | 74 | 1,831 | 132 | ||||
Cecilia H. Herbert | 180 | 77 | 1,890 | 136 | ||||
John E. Kerrigan | 187 | 80 | 1,970 | 142 | ||||
Drew E. Lawton | 168 | 72 | 1,771 | 127 | ||||
John E. Martinez | 168 | 72 | 1,771 | 127 | ||||
Madhav V. Rajan | 168 | 72 | 1,771 | 127 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares Convertible Bond ETF |
iShares Core 1-5 Year USD Bond ETF |
iShares Core International Aggregate Bond ETF |
iShares ESG Advanced High Yield Corporate Bond ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $411 | $1,131 | $740 | $29 | ||||
Richard L. Fagnani | 413 | 1,138 | 744 | 29 | ||||
Cecilia H. Herbert | 426 | 1,175 | 768 | 30 | ||||
John E. Kerrigan | 444 | 1,224 | 801 | 31 | ||||
Drew E. Lawton | 399 | 1,101 | 720 | 28 | ||||
John E. Martinez | 399 | 1,101 | 720 | 28 | ||||
Madhav V. Rajan | 399 | 1,101 | 720 | 28 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares Fallen Angels USD Bond ETF |
iShares Floating Rate Bond ETF |
iShares GNMA Bond ETF |
iShares International Treasury Bond ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $373 | $2,052 | $73 | $203 | ||||
Richard L. Fagnani | 375 | 2,063 | 73 | 204 | ||||
Cecilia H. Herbert | 387 | 2,130 | 76 | 211 | ||||
John E. Kerrigan | 403 | 2,220 | 79 | 220 | ||||
Drew E. Lawton | 363 | 1,996 | 71 | 198 | ||||
John E. Martinez | 363 | 1,996 | 71 | 198 | ||||
Madhav V. Rajan | 363 | 1,996 | 71 | 198 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares J.P. Morgan USD Emerging Markets Bond ETF |
iShares TIPS Bond ETF |
iShares Treasury Floating Rate Bond ETF |
iShares U.S. Fixed Income Balanced Risk Factor ETF | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $3,037 | $5,584 | $846 | $16 | ||||
Richard L. Fagnani | 3,053 | 5,614 | 850 | 16 | ||||
Cecilia H. Herbert | 3,153 | 5,798 | 878 | 16 | ||||
John E. Kerrigan | 3,285 | 6,042 | 915 | 17 | ||||
Drew E. Lawton | 2,954 | 5,431 | 822 | 15 | ||||
John E. Martinez | 2,954 | 5,431 | 822 | 15 | ||||
Madhav V. Rajan | 2,954 | 5,431 | 822 | 15 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji | 0 | 0 | 0 | 0 |
Name | iShares U.S. Treasury Bond ETF |
iShares USD Green Bond ETF |
Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Funds and Fund Complex2 | |||||
Independent Trustees: | ||||||||||
Jane D. Carlin | $4,737 | $63 | Not Applicable | Not Applicable | $465,000 | |||||
Richard L. Fagnani | 4,763 | 63 | Not Applicable | Not Applicable | 476,764 | |||||
Cecilia H. Herbert | 4,919 | 65 | Not Applicable | Not Applicable | 475,000 | |||||
John E. Kerrigan | 5,126 | 68 | Not Applicable | Not Applicable | 505,000 | |||||
Drew E. Lawton | 4,608 | 61 | Not Applicable | Not Applicable | 461,764 | |||||
John E. Martinez | 4,608 | 61 | Not Applicable | Not Applicable | 450,000 | |||||
Madhav V. Rajan | 4,608 | 61 | Not Applicable | Not Applicable | 450,000 | |||||
Interested Trustees: | ||||||||||
Robert S. Kapito | $0 | $0 | Not Applicable | Not Applicable | $0 |
Name | iShares U.S. Treasury Bond ETF |
iShares USD Green Bond ETF |
Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Funds and Fund Complex2 | |||||
Salim Ramji | 0 | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Fund | Name | Percentage of Ownership | ||
iShares 0-5 Year High Yield Corporate Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
23.30% | ||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
11.38% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.66% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
9.89% | |||
iShares 0-5 Year Investment Grade Corporate Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
17.50% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
12.87% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
7.75% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
7.03% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.99% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.76% | |||
Fund | Name | Percentage of Ownership | ||
iShares 0-5 Year TIPS Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
26.24% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
17.01% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.56% | |||
American Enterprise Investment Services Inc. 719 Griswold St. Detroit, MI 48226 |
7.36% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.27% | |||
iShares 1-3 Year International Treasury Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
30.87% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
18.97% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
10.13% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
9.21% | |||
RBC Dominion Securities, Inc. 200 Bay Street, 6th Floor Royal Bank Plaza North Tower Toronto, ON M5J 2W7 |
5.14% | |||
iShares Aaa - A Rated Corporate Bond ETF | Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
18.57% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
17.05% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
13.23% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
9.83% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.93% | |||
Fund | Name | Percentage of Ownership | ||
iShares BB Rated Corporate Bond ETF | Stifel, Nicolaus & Company Incorporated 501 N. Broadway St. Louis, MO 63102 |
28.42% | ||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
20.69% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
19.92% | |||
iShares Broad USD High Yield Corporate Bond ETF | Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
11.48% | ||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
10.32% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.81% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.73% | |||
UBS Financial Services Inc. 1000 Harbor Blvd. Weehawken, NJ 07086 |
7.65% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.42% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
6.98% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
6.36% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.71% | |||
iShares CMBS ETF | Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
12.72% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
11.54% | |||
Reliance Trust Company, FIS TrustDesk MKE 11277 West Park Place, Suite 300 Milwaukee, WI 53224 |
11.18% |
Fund | Name | Percentage of Ownership | ||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
10.71% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
10.14% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
10.03% | |||
UBS Financial Services Inc. 1000 Harbor Blvd. Weehawken, NJ 07086 |
6.79% | |||
iShares Convertible Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
19.35% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.53% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
7.45% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
6.99% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.76% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.72% | |||
JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
5.60% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.50% | |||
iShares Core 1-5 Year USD Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
20.67% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
16.31% | |||
Edward D. Jones & Co. 12555 Manchester Road Saint Louis, MO 63131 |
10.18% |
Fund | Name | Percentage of Ownership | ||
RBC Capital Markets, LLC 3 World Financial Center 200 Vesey Street New York, NY 10281-8098 |
7.22% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.11% | |||
Raymond, James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.02% | |||
iShares Core International Aggregate Bond ETF | JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 |
13.46% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
11.90% | |||
U.S. Bank N.A. 1555 North Rivercenter Dr. Suite 302 Milwaukee, WI 53212 |
10.19% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
8.83% | |||
CITIBANK, N.A./BLACKROCK ETF 390 Greenwich Street 3rd Floor New York, NY 10013 |
8.72% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.85% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
7.69% | |||
Edward D. Jones & Co. 12555 Manchester Road Saint Louis, MO 63131 |
6.32% | |||
iShares ESG Advanced High Yield Corporate Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
22.32% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
16.86% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
9.35% |
Fund | Name | Percentage of Ownership | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
9.26% | |||
iShares Fallen Angels USD Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
31.84% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.48% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
10.89% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.48% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.16% | |||
iShares Floating Rate Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.42% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
12.03% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.20% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.74% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.60% | |||
iShares GNMA Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
16.77% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
15.33% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.48% | |||
American Enterprise Investment Services Inc. 719 Griswold St. Detroit, MI 48226 |
12.39% |
Fund | Name | Percentage of Ownership | ||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
9.02% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
5.98% | |||
iShares International Treasury Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
28.85% | ||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
27.83% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
6.62% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.52% | |||
iShares J.P. Morgan USD Emerging Markets Bond ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
9.94% | ||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
8.54% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.75% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.75% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.56% | |||
iShares TIPS Bond ETF | BlackRock Institutional Trust Company, N.A. 400 Howard Street San Francisco, CA 94105 |
11.95% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.29% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
11.25% |
Fund | Name | Percentage of Ownership | ||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.56% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.75% | |||
iShares Treasury Floating Rate Bond ETF | Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
14.05% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.56% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
12.13% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
10.17% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
7.56% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.32% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.84% | |||
iShares U.S. Fixed Income Balanced Risk Factor ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
24.35% | ||
American Enterprise Investment Services Inc. 719 Griswold St. Detroit, MI 48226 |
19.18% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
12.03% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.17% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
5.86% |
Fund | Name | Percentage of Ownership | ||
Goldman, Sachs & Co. 30 Hudson Street 16th Floor Jersey City, NJ 07302 |
5.12% | |||
iShares U.S. Treasury Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
37.06% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
20.58% | |||
J.P. Morgan Securities, LLC/JPMC 383 Madison Avenue New York, NY 10179 |
7.87% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.66% | |||
iShares USD Green Bond ETF | Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
17.50% | ||
Apex Clearing Corporation One Dallas Center 350 M. St. Paul Suite 1300 Dallas, TX 75201 |
14.91% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
13.43% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.89% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
6.21% | |||
HSBC Bank USA, NA/Clearing 452 Fifth Avenue New York, NY 10018 |
5.83% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
5.28% |
Fund | Management Fees for Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2020 | |||||
iShares 0-5 Year High Yield Corporate Bond ETF | 0.30% | 10/15/13 | $15,341,651 | $15,434,254 | $12,674,255 | |||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 0.06% | 10/15/13 | 1,555,139 | 1,415,260 | 1,205,059 | |||||
iShares 0-5 Year TIPS Bond ETF1 | 0.03% | 12/01/10 | 3,586,349 | 2,438,584 | 1,431,764 | |||||
iShares 1-3 Year International Treasury Bond ETF2 | 0.35% | 01/21/09 | 236,216 | 208,148 | 97,722 | |||||
iShares Aaa - A Rated Corporate Bond ETF | 0.15% | 02/14/12 | 1,618,454 | 1,942,677 | 1,364,157 | |||||
iShares BB Rated Corporate Bond ETF3 | 0.15% | 10/06/20 | 214,064 | 165,395 | 4,234 | |||||
iShares Broad USD High Yield Corporate Bond ETF4 | 0.15% | 10/25/17 | 11,586,764 | 11,564,796 | 6,680,494 | |||||
iShares CMBS ETF | 0.25% | 02/14/12 | 1,838,368 | 1,592,431 | 1,108,066 | |||||
iShares Convertible Bond ETF | 0.20% | 06/02/15 | 3,474,137 | 3,173,405 | 1,242,706 | |||||
iShares Core 1-5 Year USD Bond ETF5 | 0.06% | 10/18/12 | 3,411,050 | 3,015,346 | 2,210,965 | |||||
iShares Core International Aggregate Bond ETF6 | 0.07% | 11/10/15 | 2,772,985 | 2,997,520 | 2,218,613 | |||||
iShares ESG Advanced High Yield Corporate Bond ETF7 | 0.35% | 06/14/16 | 511,540 | 348,108 | 192,350 | |||||
iShares Fallen Angels USD Bond ETF | 0.25% | 06/14/16 | 8,532,989 | 5,158,022 | 496,670 | |||||
iShares Floating Rate Bond ETF8 | 0.15% | 06/14/11 | 13,136,354 | 12,213,716 | 15,148,880 | |||||
iShares GNMA Bond ETF9,10 | 0.09% | 02/14/12 | 353,839 | 662,887 | 372,927 | |||||
iShares International Treasury Bond ETF | 0.35% | 01/21/09 | 3,745,151 | 4,215,848 | 3,177,070 | |||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.39% | 12/17/07 | 64,113,534 | 74,428,525 | 58,033,230 | |||||
iShares TIPS Bond ETF | 0.19% | 12/04/03 | 60,866,353 | 52,943,482 | 40,449,923 |
Fund | Management Fees for Fiscal Year Ended Oct. 31, 2022 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended Oct. 31, 2020 | |||||
iShares Treasury Floating Rate Bond ETF11 | 0.15% | 02/03/14 | 1,935,965 | 494,120 | 704,942 | |||||
iShares U.S. Fixed Income Balanced Risk Factor ETF12 | 0.24% | 02/24/15 | 234,385 | 294,938 | 368,027 | |||||
iShares U.S. Treasury Bond ETF13 | 0.05% | 02/14/12 | 9,210,386 | 13,705,632 | 22,882,172 | |||||
iShares USD Green Bond ETF14,15 | 0.12% | 11/13/18 | 322,866 | 400,519 | 147,331 |
1 | Effective January 5, 2022, the management fee for the iShares 0-5 Year TIPS Bond ETF is 0.03%. From December 17, 2020 to January 4, 2022, the management fee for the iShares 0-5 Year TIPS Bond ETF was 0.05%. Prior to December 17, 2020, the management fee for the iShares 0-5 Year TIPS Bond ETF was 0.06%. |
2 | For the iShares 1-3 Year International Treasury Bond ETF, for the fiscal year ended October 31, 2020, BFA voluntarily waived $108,799 of its management fees. The voluntary waiver was discontinued beginning on June 15, 2020. |
3 | For the iShares BB Rated Corporate Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of 0.10% and currently intends to keep such voluntary fee waiver for the Fund in place through October 31, 2023. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA voluntarily waived $142,709, $110,263 and $2,823 of its management fees, respectively. |
4 | For the iShares Broad USD High Yield Corporate 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 0.15% through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. BFA previously voluntarily agreed to waive a portion of its management fee. As of February 28, 2020, the voluntary waiver is no longer in effect. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $5,407,157, $5,396,905 and $3,117,565 of its management fees, respectively. |
5 | For the iShares Core 1-5 Year USD Bond ETF, BFA has contractually agreed to waive its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $102,458, $138,026 and $99,941 of its management fees, respectively. |
6 | Effective March 31, 2022, the management fee for the iShares Core International Aggregate Bond ETF is 0.07%. From December 17, 2020 to March 30, 2022, the management fee for the iShares Core International Aggregate Bond ETF was 0.08%. Prior to December 17, 2020, the management fee for the iShares Core International Aggregate Bond ETF was 0.09%. |
7 | Effective September 15, 2020, the management fee for the iShares ESG Advanced High Yield Corporate Bond ETF is 0.35%. Prior to September 15, 2020, the management fee for the iShares ESG Advanced High Yield Corporate Bond ETF was 0.50%. |
8 | Effective October 20, 2021, the management fee for the iShares Floating Rate Bond ETF is 0.15%. Prior to October 20, 2021, the management fee for the iShares Floating Rate Bond ETF was 0.20%. |
9 | For the iShares GNMA Bond ETF, BFA has contractually agreed to waive a portion of its management fees in an amount equal to Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $26,169, $82,659 and $87,285 of its management fees, respectively. |
10 | Effective October 20, 2021, the management fee for the iShares GNMA Bond ETF is 0.10%. Prior to October 20, 2021, the management fee for the iShares GNMA Bond ETF was 0.15%. |
11 | For the iShares Treasury Floating Rate Bond ETF, for the fiscal year ended October 31, 2020, BFA voluntarily waived $0 of its management fees. The voluntary waiver was discontinued beginning on June 15, 2020. |
12 | For the iShares U.S. Fixed Income Balanced Risk Factor ETF, BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through February 29, 2024. The contractual waiver may be terminated prior to February 29, 2024 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA contractually waived $5,282, $5,677 and $12,533 of its management fees, respectively. |
13 | Effective April 1, 2021, the management fee for the iShares U.S. Treasury Bond ETF is 0.05%. Prior to April 1, 2021, the management fee for the iShares U.S. Treasury Bond ETF was 0.15%. |
14 | Effective December 15, 2021, the management fee for the iShares USD Green Bond ETF is 0.20%. Prior to December 15, 2021, the management fee for the iShares USD Green Bond ETF was 0.25%. |
15 | For the iShares USD Green Bond ETF, BFA had 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 0.20% through March 1, 2022. The contractual waiver was discontinued on December 15, 2021. BFA has elected to implement a voluntary fee waiver at an annual rate of 0.12% and currently intends to keep such voluntary fee waiver for the Fund in place through March 8, 2023. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $226,751, $100,130 and $36,833 of its management fees, respectively. |
John Hutson* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 3 | 272,000,000 | ||
Other Pooled Investment Vehicles | 33 | 22,947,000,000 | ||
Other Accounts | 9 | 100,072,000,000 |
* | Portfolio Manager for iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF and iShares International Treasury Bond ETF only |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 101 | $419,667,000,000 | ||
Other Pooled Investment Vehicles | 16 | 31,695,000,000 | ||
Other Accounts | 6 | 7,414,000,000 |
Scott Radell* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 101 | $538,065,000,000 | ||
Other Pooled Investment Vehicles | 50 | 41,757,000,000 | ||
Other Accounts | 11 | 5,970,000,000 |
* | Portfolio Manager for iShares U.S. Fixed Income Balanced Risk Factor ETF only |
Karen Uyehara* | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 98 | $527,990,000,000 | ||
Other Pooled Investment Vehicles | 19 | 6,134,000,000 | ||
Other Accounts | 12 | 6,415,000,000 |
* | Portfolio Manager for all Funds except iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF, iShares International Treasury Bond ETF and iShares U.S. Fixed Income Balanced Risk Factor ETF |
John Hutson* | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
* | Portfolio Manager for iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF and iShares International Treasury Bond ETF only |
James Mauro | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Scott Radell* | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 2 | $95,000,000 | ||
Other Accounts | 3 | 1,867,000,000 |
* | Portfolio Manager for iShares U.S. Fixed Income Balanced Risk 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 | $1,331,000,000 | ||
Other Accounts | 4 | 2,450,000,000 |
* | Portfolio Manager for all Funds except iShares 1-3 Year International Treasury Bond ETF, iShares Core International Aggregate Bond ETF, iShares International Treasury Bond ETF and iShares U.S. Fixed Income Balanced Risk Factor ETF |
John Hutson | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m | ||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X | ||||||||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X | ||||||||||||||
iShares USD Green Bond ETF | X |
James Mauro | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m | ||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X | ||||||||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X | ||||||||||||||
iShares USD Green Bond ETF | X |
Scott Radell | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m | ||||||||
iShares 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X |
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 Floating Rate Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X | ||||||||||||||
iShares USD Green 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 0-5 Year High Yield Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | X | ||||||||||||||
iShares 0-5 Year TIPS Bond ETF | X | ||||||||||||||
iShares 1-3 Year International Treasury Bond ETF | X | ||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | X | ||||||||||||||
iShares BB Rated Corporate Bond ETF | X | ||||||||||||||
iShares Broad USD High Yield Corporate Bond ETF | X | ||||||||||||||
iShares CMBS ETF | X | ||||||||||||||
iShares Convertible Bond ETF | X | ||||||||||||||
iShares Core 1-5 Year USD Bond ETF | X | ||||||||||||||
iShares Core International Aggregate Bond ETF | X | ||||||||||||||
iShares ESG Advanced High Yield Corporate Bond ETF | X | ||||||||||||||
iShares Fallen Angels USD Bond ETF | X | ||||||||||||||
iShares Floating Rate Bond ETF | X | ||||||||||||||
iShares GNMA Bond ETF | X | ||||||||||||||
iShares International Treasury Bond ETF | X | ||||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | X | ||||||||||||||
iShares TIPS Bond ETF | X | ||||||||||||||
iShares Treasury Floating Rate Bond ETF | X | ||||||||||||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | X | ||||||||||||||
iShares U.S. Treasury Bond ETF | X | ||||||||||||||
iShares USD Green Bond ETF | X |
Fund | Fund Inception Date |
Custody, Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Custody, Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Custody, Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares 0-5 Year High Yield Corporate Bond ETF | 10/15/13 | $48,935 | $75,557 | $46,675 | ||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 10/15/13 | 31,877 | 38,392 | 32,395 | ||||
iShares 0-5 Year TIPS Bond ETF | 12/01/10 | 128,205 | 68,482 | 37,564 | ||||
iShares 1-3 Year International Treasury Bond ETF | 01/21/09 | 27,873 | 28,159 | 28,478 | ||||
iShares Aaa - A Rated Corporate Bond ETF | 02/14/12 | 25,271 | 28,882 | 26,916 | ||||
iShares BB Rated Corporate Bond ETF | 10/06/20 | 19,200 | 20,852 | 3,004 | ||||
iShares Broad USD High Yield Corporate Bond ETF | 10/25/17 | 86,651 | 110,789 | 63,850 | ||||
iShares CMBS ETF | 02/14/12 | 27,088 | 25,149 | 21,861 | ||||
iShares Convertible Bond ETF | 06/02/15 | 27,159 | 30,337 | 23,133 | ||||
iShares Core 1-5 Year USD Bond ETF | 10/18/12 | 174,684 | 175,774 | 144,683 |
Fund | Fund Inception Date |
Custody, Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2022 |
Custody, Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Custody, Administration & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares Core International Aggregate Bond ETF | 11/10/15 | 364,093 | 409,786 | 318,362 | ||||
iShares ESG Advanced High Yield Corporate Bond ETF | 06/14/16 | 18,776 | 21,072 | 21,534 | ||||
iShares Fallen Angels USD Bond ETF | 06/14/16 | 44,296 | 36,498 | 20,952 | ||||
iShares Floating Rate Bond ETF | 06/14/11 | 73,371 | 84,748 | 86,715 | ||||
iShares GNMA Bond ETF | 02/14/12 | 78,393 | 80,790 | 74,134 | ||||
iShares International Treasury Bond ETF | 01/21/09 | 106,541 | 128,992 | 115,449 | ||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 12/17/07 | 835,431 | 2,052,282 | 1,615,504 | ||||
iShares TIPS Bond ETF | 12/04/03 | 385,464 | 371,517 | 290,169 | ||||
iShares Treasury Floating Rate Bond ETF | 02/03/14 | 22,864 | 19,659 | 21,176 | ||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 02/24/15 | 79,750 | 79,606 | 75,330 | ||||
iShares U.S. Treasury Bond ETF | 02/14/12 | 233,432 | 205,185 | 209,502 | ||||
iShares USD Green Bond ETF | 11/13/18 | 40,946 | 42,455 | 33,564 |
Fund | iShares 0-5 Year High Yield Corporate Bond ETF |
iShares 0-5 Year Investment Grade Corporate Bond ETF |
iShares 0-5 Year TIPS Bond ETF |
iShares 1-3 Year International Treasury Bond ETF |
Gross income from securities lending activities |
$12,724,655 | $2,276,168 | $2,077,386 | N/A |
Fund | iShares 0-5 Year High Yield Corporate Bond ETF |
iShares 0-5 Year Investment Grade Corporate Bond ETF |
iShares 0-5 Year TIPS Bond ETF |
iShares 1-3 Year International Treasury Bond ETF |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
858,873 | 71,823 | 52,677 | N/A |
Cash collateral management expenses not included in securities lending income paid to BTC |
313,736 | 62,028 | 37,005 | N/A |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Rebates (paid to borrowers) |
7,639,400 | 1,798,020 | 1,714,991 | N/A |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Aggregate fees/compensation for securities lending activities |
$ 8,812,009 | $1,931,871 | $1,804,673 | N/A |
Net income from securities lending activities |
$ 3,912,646 | $344,297 | $272,713 | N/A |
Fund | iShares Aaa - A Rated Corporate Bond ETF |
iShares BB Rated Corporate Bond ETF |
iShares Broad USD High Yield Corporate Bond ETF |
iShares CMBS ETF |
Gross income from securities lending activities |
$894,101 | $299,499 | $21,510,982 | 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 |
39,623 | 10,315 | 1,382,495 | N/A |
Cash collateral management expenses not included in securities lending income paid to BTC |
30,805 | 6,539 | 555,450 | N/A |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Rebates (paid to borrowers) |
637,445 | 235,005 | 13,273,729 | N/A |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | N/A |
Aggregate fees/compensation for securities lending activities |
$707,873 | $251,859 | $ 15,211,674 | N/A |
Net income from securities lending activities |
$186,228 | $47,640 | $6,299,308 | N/A |
Fund | iShares Convertible Bond ETF |
iShares Core 1-5 Year USD Bond ETF |
iShares Core International Aggregate Bond ETF |
iShares ESG Advanced High Yield Corporate Bond ETF |
Gross income from securities lending activities |
$4,577 | $1,629,041 | N/A | $400,833 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
202 | 105,252 | N/A | 21,834 |
Cash collateral management expenses not included in securities lending income paid to BTC |
178 | 57,523 | N/A | 10,387 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | N/A | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | N/A | 0 |
Rebates (paid to borrowers) |
3,204 | 968,715 | N/A | 269,108 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | N/A | 0 |
Aggregate fees/compensation for securities lending activities |
$3,584 | $1,131,490 | N/A | $301,329 |
Net income from securities lending activities |
$993 | $497,551 | N/A | $99,504 |
Fund | iShares Fallen Angels USD Bond ETF |
iShares Floating Rate Bond ETF |
iShares GNMA Bond ETF |
iShares International Treasury Bond ETF |
Gross income from securities lending activities |
$4,973,250 | $3,065,523 | 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 |
493,217 | 204,426 | N/A | N/A |
Cash collateral management expenses not included in securities lending income paid to BTC |
137,058 | 84,269 | N/A | N/A |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | N/A | N/A |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | N/A | N/A |
Rebates (paid to borrowers) |
2,096,041 | 1,839,783 | N/A | N/A |
Other fees not included in securities lending income paid to BTC |
0 | 0 | N/A | N/A |
Aggregate fees/compensation for securities lending activities |
$2,726,316 | $2,128,478 | N/A | N/A |
Net income from securities lending activities |
$2,246,934 | $937,045 | N/A | N/A |
Fund | iShares J.P. Morgan USD Emerging Markets Bond ETF |
iShares TIPS Bond ETF |
iShares Treasury Floating Rate Bond ETF |
iShares U.S. Fixed Income Balanced Risk Factor ETF |
Gross income from securities lending activities |
N/A | $3,560,065 | $85,726 | $68,057 |
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 | 117,819 | 1,988 | 2,955 |
Cash collateral management expenses not included in securities lending income paid to BTC |
N/A | 86,820 | 1,719 | 1,975 |
Administrative fees not included in securities lending income paid to BTC |
N/A | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
N/A | 0 | 0 | 0 |
Rebates (paid to borrowers) |
N/A | 2,753,534 | 71,814 | 49,506 |
Other fees not included in securities lending income paid to BTC |
N/A | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
N/A | $2,958,173 | $75,521 | $54,436 |
Net income from securities lending activities |
N/A | $601,892 | $10,205 | $13,621 |
Fund | iShares U.S. Treasury Bond ETF |
iShares USD Green Bond ETF |
Gross income from securities lending activities |
$976,137 | $214,614 |
Fees and/or compensation for securities lending activities and related services |
||
Securities lending income paid to BTC for services as securities lending agent |
40,026 | 11,086 |
Cash collateral management expenses not included in securities lending income paid to BTC |
89,350 | 4,658 |
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) |
526,545 | 148,101 |
Other fees not included in securities lending income paid to BTC |
0 | 0 |
Aggregate fees/compensation for securities lending activities |
$655,921 | $163,845 |
Net income from securities lending activities |
$320,216 | $50,769 |
Fund | Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended Oct. 31, 2022 |
Brokerage Commissions Paid During Fiscal Year Ended Oct. 31, 2021 |
Brokerage Commissions Paid During Fiscal Year Ended Oct. 31, 2020 | ||||
iShares 0-5 Year High Yield Corporate Bond ETF | 10/15/13 | $0 | $1,083 | $0 | ||||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 10/15/13 | 0 | 0 | 0 | ||||
iShares 0-5 Year TIPS Bond ETF | 12/01/10 | 0 | 0 | 0 | ||||
iShares 1-3 Year International Treasury Bond ETF | 01/21/09 | 0 | 0 | 440 | ||||
iShares Aaa - A Rated Corporate Bond ETF | 02/14/12 | 0 | 0 | 0 | ||||
iShares BB Rated Corporate Bond ETF | 10/06/20 | 0 | 0 | 0 | ||||
iShares Broad USD High Yield Corporate Bond ETF | 10/25/17 | 0 | 2,481 | 127 | ||||
iShares CMBS ETF | 02/14/12 | 0 | 0 | 0 | ||||
iShares Convertible Bond ETF | 06/02/15 | 5,104 | 19,948 | 1,516 | ||||
iShares Core 1-5 Year USD Bond ETF | 10/18/12 | 0 | 77 | 3 | ||||
iShares Core International Aggregate Bond ETF | 11/10/15 | 0 | 0 | 0 | ||||
iShares ESG Advanced High Yield Corporate Bond ETF | 06/14/16 | 0 | 2 | 0 | ||||
iShares Fallen Angels USD Bond ETF | 06/14/16 | 0 | 0 | 0 | ||||
iShares Floating Rate Bond ETF | 06/14/11 | 0 | 0 | 0 | ||||
iShares GNMA Bond ETF | 02/14/12 | 0 | 0 | 0 | ||||
iShares International Treasury Bond ETF | 01/21/09 | 0 | 0 | 11,056 | ||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 12/17/07 | 0 | 0 | 0 | ||||
iShares TIPS Bond ETF | 12/04/03 | 0 | 0 | 0 | ||||
iShares Treasury Floating Rate Bond ETF | 02/03/14 | 0 | 0 | 0 | ||||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 02/24/15 | 1,936 | 1,979 | 3,942 | ||||
iShares U.S. Treasury Bond ETF | 02/14/12 | 0 | 0 | 319 | ||||
iShares USD Green Bond ETF | 11/13/18 | 1,198 | 36 | 97 |
Fund | Issuer | Market Value of Investment | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | JPMorgan Chase & Co. | $88,124,623 | ||
Morgan Stanley | 83,246,841 | |||
Bank of America Corp. | 82,065,291 | |||
Goldman Sachs Group Inc. (The) | 66,023,032 | |||
Citigroup, Inc. | 60,941,249 | |||
Wells Fargo & Co. | 60,542,037 | |||
Bank of New York Mellon Corp. (The) | 22,075,154 | |||
Barclays PLC | 20,065,841 | |||
Deutsche Bank AG | 18,491,773 | |||
iShares Aaa - A Rated Corporate Bond ETF | JPMorgan Chase & Co. | $24,059,854 | ||
Morgan Stanley | 22,681,274 | |||
Bank of America Corp. | 22,249,824 | |||
Citigroup, Inc. | 22,123,484 | |||
Goldman Sachs Group Inc. (The) | 22,081,533 | |||
Wells Fargo & Co. | 20,248,481 | |||
Royal Bank of Canada | 7,243,656 | |||
Bank of New York Mellon Corp. (The) | 6,928,587 | |||
iShares Broad USD High Yield Corporate Bond ETF | Deutsche Bank AG | $18,610,097 | ||
iShares Core 1-5 Year USD Bond ETF | Bank of America Corp. | $32,553,722 | ||
JPMorgan Chase & Co. | 32,261,641 | |||
Morgan Stanley | 24,632,985 | |||
Goldman Sachs Group Inc. (The) | 24,081,214 | |||
Wells Fargo & Co. | 23,633,525 | |||
Citigroup, Inc. | 22,927,931 | |||
Barclays PLC | 8,636,078 | |||
Bank of New York Mellon Corp. (The) | 7,806,870 | |||
Credit Suisse Group AG | 5,177,442 | |||
Nomura Holdings Inc. | 3,543,987 | |||
iShares Core International Aggregate Bond ETF | BNP Paribas SA | $5,837,293 | ||
Deutsche Bank AG | 3,906,583 | |||
Goldman Sachs Group Inc. (The) | 3,814,095 | |||
HSBC Holdings PLC | 3,187,163 | |||
Citigroup, Inc. | 3,070,304 | |||
JPMorgan Chase & Co. | 2,679,757 | |||
Barclays PLC | 2,187,932 | |||
Mitsubishi UFJ Financial Group, Inc. | 807,987 | |||
iShares Fallen Angels USD Bond ETF | Deutsche Bank AG | $3,717,880 | ||
iShares Floating Rate Bond ETF | Goldman Sachs Group Inc. (The) | $387,321,236 | ||
Bank of America Corp. | 252,185,581 | |||
JPMorgan Chase & Co. | 239,756,521 | |||
Citigroup, Inc. | 206,082,215 | |||
Royal Bank of Canada | 198,584,307 |
Fund | Issuer | Market Value of Investment | ||
Morgan Stanley | 157,821,667 | |||
Mizuho Financial Group Inc. | 148,732,078 | |||
Bank of New York Mellon Corp. (The) | 43,280,036 | |||
iShares U.S. Fixed Income Balanced Risk Factor ETF | Bank of America Corp. | $2,059,754 | ||
JPMorgan Chase & Co. | 1,712,181 | |||
Morgan Stanley | 1,473,472 | |||
Goldman Sachs Group Inc. (The) | 1,385,739 | |||
Citigroup, Inc. | 1,343,140 | |||
Wells Fargo & Co. | 1,284,805 | |||
Mizuho Financial Group, Inc. | 554,739 | |||
Barclays PLC | 355,766 | |||
Nomura Holdings Inc. | 179,860 | |||
iShares USD Green Bond ETF | JPMorgan Chase & Co. | $3,734,544 | ||
Citigroup, Inc. | 3,276,434 | |||
Bank of America Corp. | 3,240,542 | |||
BNP Paribas SA | 1,408,210 | |||
Deutsche Bank AG | 1,247,870 |
Fund | Fiscal Year Ended Oct. 31, 2022 |
Fiscal Year Ended Oct. 31, 2021 | ||
iShares 0-5 Year High Yield Corporate Bond ETF | 23% | 39% | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 20% | 23% | ||
iShares 0-5 Year TIPS Bond ETF | 27% | 36% | ||
iShares 1-3 Year International Treasury Bond ETF | 69% | 60% | ||
iShares Aaa - A Rated Corporate Bond ETF | 14% | 17% | ||
iShares BB Rated Corporate Bond ETF | 21% | 32% | ||
iShares Broad USD High Yield Corporate Bond ETF | 12% | 24% |
Fund | Fiscal Year Ended Oct. 31, 2022 |
Fiscal Year Ended Oct. 31, 2021 | ||
iShares CMBS ETF | 21% | 13% | ||
iShares Convertible Bond ETF | 17% | 46% | ||
iShares Core 1-5 Year USD Bond ETF1 | 60% | 82% | ||
iShares Core International Aggregate Bond ETF | 11% | 16% | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 23% | 43% | ||
iShares Fallen Angels USD Bond ETF | 26% | 21% | ||
iShares Floating Rate Bond ETF | 39% | 38% | ||
iShares GNMA Bond ETF1 | 313% | 498% | ||
iShares International Treasury Bond ETF | 24% | 21% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 8% | 7% | ||
iShares TIPS Bond ETF | 20% | 34% | ||
iShares Treasury Floating Rate Bond ETF | 6% | 74% | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF1 | 550% | 546% | ||
iShares U.S. Treasury Bond ETF | 50% | 128% | ||
iShares USD Green Bond ETF | 94% | 24% |
1 | Portfolio turnover rates include mortgage dollar roll transactions (“MDRs”). |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | ||
iShares 0-5 Year High Yield Corporate Bond ETF | 100,000 | $4,138,450.10 | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 50,000 | 2,398,369.45 | ||
iShares 0-5 Year TIPS Bond ETF | 50,000 | 4,882,341.85 | ||
iShares 1-3 Year International Treasury Bond ETF | 50,000 | 3,415,385.85 | ||
iShares Aaa - A Rated Corporate Bond ETF | 50,000 | 2,343,619.05 | ||
iShares BB Rated Corporate Bond ETF | 50,000 | 2,236,485.95 | ||
iShares Broad USD High Yield Corporate Bond ETF | 50,000 | 1,747,188.30 | ||
iShares CMBS ETF | 50,000 | 2,306,561.25 | ||
iShares Convertible Bond ETF | 50,000 | 3,578,528.05 | ||
iShares Core 1-5 Year USD Bond ETF | 100,000 | 4,658,789.80 | ||
iShares Core International Aggregate Bond ETF | 50,000 | 2,480,706.10 | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 50,000 | 2,190,447.00 | ||
iShares Fallen Angels USD Bond ETF | 50,000 | 1,238,220.35 | ||
iShares Floating Rate Bond ETF | 100,000 | 5,037,026.60 | ||
iShares GNMA Bond ETF | 50,000 | 2,205,759.75 |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | ||
iShares International Treasury Bond ETF | 50,000 | 1,979,825.25 | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 100,000 | 8,507,135.50 | ||
iShares TIPS Bond ETF | 100,000 | 10,816,203.80 | ||
iShares Treasury Floating Rate Bond ETF | 100,000 | 5,051,323.70 | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 50,000 | 4,210,408.80 | ||
iShares U.S. Treasury Bond ETF | 100,000 | 2,294,546.60 | ||
iShares USD Green Bond ETF | 50,000 | 2,313,353.70 |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge* | ||
iShares 0-5 Year High Yield Corporate Bond ETF | $200 | 3.0% | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 100 | 3.0% | ||
iShares 0-5 Year TIPS Bond ETF | N/A | 3.0% | ||
iShares 1-3 Year International Treasury Bond ETF | 700 | 3.0% | ||
iShares Aaa - A Rated Corporate Bond ETF | 300 | 3.0% | ||
iShares BB Rated Corporate Bond ETF | 875 | 3.0% | ||
iShares Broad USD High Yield Corporate Bond ETF | 200 | 3.0% | ||
iShares CMBS ETF | 400 | 3.0% | ||
iShares Convertible Bond ETF | 475 | 3.0% | ||
iShares Core 1-5 Year USD Bond ETF | 250 | 3.0% | ||
iShares Core International Aggregate Bond ETF | 650 | 3.0% | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 900 | 3.0% | ||
iShares Fallen Angels USD Bond ETF | 450 | 3.0% | ||
iShares Floating Rate Bond ETF | 200 | 3.0% | ||
iShares GNMA Bond ETF | 200 | 3.0% | ||
iShares International Treasury Bond ETF | 1,200 | 3.0% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 700 | 3.0% | ||
iShares TIPS Bond ETF | N/A | 3.0% | ||
iShares Treasury Floating Rate Bond ETF | 100 | 3.0% | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 500 | 3.0% | ||
iShares U.S. Treasury Bond ETF | 250 | 3.0% | ||
iShares USD Green Bond ETF | 850 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge* | ||
iShares 0-5 Year High Yield Corporate Bond ETF | $200 | 2.0% | ||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 100 | 2.0% | ||
iShares 0-5 Year TIPS Bond ETF | N/A | 2.0% | ||
iShares 1-3 Year International Treasury Bond ETF | 700 | 2.0% | ||
iShares Aaa - A Rated Corporate Bond ETF | 300 | 2.0% | ||
iShares BB Rated Corporate Bond ETF | 875 | 2.0% | ||
iShares Broad USD High Yield Corporate Bond ETF | 200 | 2.0% | ||
iShares CMBS ETF | 400 | 2.0% | ||
iShares Convertible Bond ETF | 475 | 2.0% | ||
iShares Core 1-5 Year USD Bond ETF | 250 | 2.0% | ||
iShares Core International Aggregate Bond ETF | 650 | 2.0% | ||
iShares ESG Advanced High Yield Corporate Bond ETF | 900 | 2.0% | ||
iShares Fallen Angels USD Bond ETF | 450 | 2.0% | ||
iShares Floating Rate Bond ETF | 200 | 2.0% | ||
iShares GNMA Bond ETF | 200 | 2.0% | ||
iShares International Treasury Bond ETF | 1,200 | 2.0% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 700 | 2.0% | ||
iShares TIPS Bond ETF | N/A | 2.0% | ||
iShares Treasury Floating Rate Bond ETF | 100 | 2.0% | ||
iShares U.S. Fixed Income Balanced Risk Factor ETF | 500 | 2.0% | ||
iShares U.S. Treasury Bond ETF | 250 | 2.0% | ||
iShares USD Green Bond ETF | 850 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
Fund | Non-Expiring Capital Loss Carryforward | |
iShares 0-5 Year High Yield Corporate Bond ETF | $364,443,138 | |
iShares 0-5 Year Investment Grade Corporate Bond ETF | 6,882,478 | |
iShares 0-5 Year TIPS Bond ETF | 79,005,302 | |
iShares 1-3 Year International Treasury Bond ETF | 8,404,881 | |
iShares Aaa - A Rated Corporate Bond ETF | 10,700,298 | |
iShares BB Rated Corporate Bond ETF | 1,791,917 | |
iShares Broad USD High Yield Corporate Bond ETF | 99,978,755 | |
iShares CMBS ETF | 18,311,730 | |
iShares Convertible Bond ETF | 52,953,224 | |
iShares Core 1-5 Year USD Bond ETF | 50,723,841 | |
iShares Core International Aggregate Bond ETF | 15,206,996 | |
iShares ESG Advanced High Yield Corporate Bond ETF | 2,769,620 | |
iShares Fallen Angels USD Bond ETF | 57,985,093 | |
iShares Floating Rate Bond ETF | 75,073,119 | |
iShares GNMA Bond ETF | 12,309,603 | |
iShares International Treasury Bond ETF | 20,331,032 | |
iShares J.P. Morgan USD Emerging Markets Bond ETF | 1,501,668,073 | |
iShares TIPS Bond ETF | 396,779,209 | |
iShares U.S. Fixed Income Balanced Risk Factor ETF | 13,690,143 | |
iShares U.S. Treasury Bond ETF | 538,370,420 | |
iShares USD Green Bond ETF | 16,105,976 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
Fund | Ticker | Listing Exchange | ||
iShares Yield Optimized Bond ETF (the “Fund”) | BYLD | NYSE Arca |
• | High yield bonds may be issued by less creditworthy issuers. These securities are vulnerable to adverse changes in the issuer’s industry or to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit an Underlying Fund’s ability to fully recover principal, to receive interest payments when senior securities are in default or to receive restructuring benefits paid to holders of more senior classes of debt. Thus, investors in high yield securities |
frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. | |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from an Underlying Fund before it matures. If an issuer redeems the high yield bonds, an Underlying Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed-income securities. |
• | Under certain economic and/or market conditions, an Underlying Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and, participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, an Underlying Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing an Underlying Fund's assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | An Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect an Underlying Fund’s NAV and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Communications of Data Files: The Fund may make available through the facilities of the National Securities Clearing |
• | Communications with Authorized Participants and Liquidity Providers: Certain employees of BFA are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities the Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption. |
• | Communications with Listing Exchanges: From time to time, employees of BFA may discuss portfolio holdings information with the applicable primary listing exchange for the Fund as needed to meet the exchange listing standards. |
• | Communications with Other Portfolio Managers: Certain information may be provided to employees of BFA who manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to manage the fund’s investment objective and strategy. |
• | Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com. |
• | Third-Party Service Providers: Certain portfolio holdings information may be disclosed to Fund Trustees and their counsel, outside counsel for the Fund, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Fund, the terms of the current registration statements and federal securities laws and regulations thereunder. |
• | Liquidity Metrics: “Liquidity Metrics,” which seek to ascertain the 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 the Fund’s NAV invested in a particular liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end requires a non-disclosure or confidentiality agreement and approval of the Trust’s Chief Compliance Officer. Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any party. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
8. | Make any investment inconsistent with the Fund's classification as a diversified company under the Investment Company Act. |
Name (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito1 (1957) |
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 (1970) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
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 (1956) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
Cecilia H. Herbert (1949) |
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), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) 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 the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) |
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); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Madhav V. Rajan (1964) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (1971) |
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 (1974) |
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 (Year of Birth) | Position | Principal Occupation(s) During the Past 5 Years | ||
Charles Park (1967) |
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). | ||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
Rachel Aguirre (1982) |
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 (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
James Mauro (1970) |
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 Aggressive Allocation ETF | Over $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 ESG Aware MSCI USA ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares Global Clean Energy ETF | $1-$10,000 | |||||
iShares GSCI Commodity Dynamic Roll Strategy ETF | $50,001-$100,000 | |||||
iShares High Yield Corporate Bond Buywrite Strategy 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 Investment Grade Corporate Bond Buywrite Strategy ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares Core S&P 500 ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares ESG Advanced MSCI EAFE ETF | $1-$10,000 | |||||
iShares ESG Advanced MSCI USA ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares ESG Aware MSCI EM ETF | $1-$10,000 | |||||
iShares ESG Aware MSCI USA ETF | Over $100,000 | |||||
iShares ESG Aware MSCI USA Small-Cap ETF | $1-$10,000 | |||||
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 GSCI Commodity Dynamic Roll Strategy ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares MSCI EAFE Growth ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE Value ETF | $50,001-$100,000 | |||||
iShares MSCI Emerging Markets Min Vol Factor ETF | $10,001-$50,000 | |||||
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 Momentum Factor ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $1-$10,000 | |||||
iShares U.S. Infrastructure ETF | $1-$10,000 | |||||
iShares U.S. Technology 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 | $50,001-$100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Core S&P 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 | $50,001-$100,000 | |||||
Richard L. Fagnani | iShares Core Dividend Growth ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | $50,001-$100,000 | |||||
iShares Core MSCI International Developed Markets ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | $50,001-$100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Morningstar Growth ETF | Over $100,000 | |||||
iShares Morningstar Mid-Cap Value ETF | $10,001-$50,000 | |||||
iShares MSCI Intl Value Factor ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
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 MSCI USA Value Factor ETF | Over $100,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $1-$10,000 | |||||
Drew E. Lawton | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Biotechnology ETF | Over $100,000 | |||||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee in Family of Investment Companies | |||
iShares Expanded Tech Sector ETF | $50,001-$100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares Global Financials ETF | $10,001-$50,000 | |||||
iShares iBonds Dec 2023 Term Treasury ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
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 | iShares Core MSCI International Developed Markets ETF | Over $100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 |
Name | iShares Yield Optimized Bond ETF |
Pension or Retirement Benefits Accrued As Part of Trust Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Fund and Fund Complex2 | ||||
Independent Trustees: | ||||||||
Jane D. Carlin | $17 | Not Applicable | Not Applicable | $465,000 | ||||
Richard L. Fagnani | 18 | Not Applicable | Not Applicable | 476,764 | ||||
Cecilia H. Herbert | 18 | Not Applicable | Not Applicable | 475,000 | ||||
John E. Kerrigan | 19 | Not Applicable | Not Applicable | 505,000 | ||||
Drew E. Lawton | 17 | Not Applicable | Not Applicable | 461,764 | ||||
John E. Martinez | 17 | Not Applicable | Not Applicable | 450,000 | ||||
Madhav V. Rajan | 17 | Not Applicable | Not Applicable | 450,000 | ||||
Interested Trustees: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji | 0 | Not Applicable | Not Applicable | 0 |
1 | No Trustee or officer is entitled to any pension or retirement benefits from the Trust. |
2 | Also includes compensation for service on the Board of Trustees of iShares U.S. ETF Trust and the Board of Directors of iShares, Inc. |
Name and Address | Percentage of Ownership | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
36.85% | |
The Huntington National Bank 5555 Cleveland Ave Columbus, OH 43231 |
13.21% | |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.50% | |
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
11.33% | |
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.00% |
Management Fee for Fiscal Year Ended October 31, 2022 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended October 31, 2022 |
Management Fees Paid Net of Waivers for Fiscal Year Ended October 31, 2021 |
Management Fees Paid Net of Waivers for Fiscal Year Ended October 31, 2020 | ||||
0.00%1 | 04/22/14 | $0 | $0 | $0 |
1 | Pursuant to the Investment Advisory Agreement, BFA is entitled to a management fee at the annual rate of 0.28% of the Fund's average daily net assets. For the fiscal year ended October 31, 2022, BFA was paid a management fee from the Fund, as a percentage of the Fund's average daily net assets, net of any applicable waivers, at the annual rate of 0.00%. For the fiscal year ended October 31, 2022, the Acquired Fund Fees and Expenses of the Fund amounted to an annual rate of 0.20%. BFA has contractually agreed to waive its management fee through February 28, 2026. The contractual waiver may be terminated prior to February 28, 2026 only upon written agreement of the Trust and BFA. For the fiscal years ended October 31, 2022, October 31, 2021 and October 31, 2020, BFA waived $281,029, $495,304 and $522,417 of its management fees, respectively. |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 322 | $1,712,243,000,000 | ||
Other Pooled Investment Vehicles | 36 | 8,776,000,000 | ||
Other Accounts | 57 | 4,167,000,000 |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 282 | $1,628,716,000,000 | ||
Other Pooled Investment Vehicles | 36 | 8,776,000,000 | ||
Other Accounts | 57 | 4,167,000,000 |
Paul Whitehead | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 302 | $1,626,672,000,000 | ||
Other Pooled Investment Vehicles | 2 | 5,400,000,000 |
Paul Whitehead | ||||
Types of Accounts | Number | Total Assets | ||
Other Accounts | 5 | 4,230,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Paul Whitehead | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund Inception Date |
Administration, Custody & Transfer Agency Expenses Paid to JPMorgan from August 15, 2022 to October 31, 2022 | |
04/22/14 | $5,053 |
Fund Inception Date |
Administration, Custody & Transfer Agency Expenses Paid to State Street from November 1, 2021 to August 14, 2022 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2021 |
Administration, Custody & Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2020 | |||
04/22/14 | $14,402 | $15,635 | $15,997 |
Fund | iShares Yield Optimized Bond ETF |
Gross income from securities lending activities |
$455,542 |
Fund | iShares Yield Optimized 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 |
76,347 |
Cash collateral management expenses not included in securities lending income paid to BTC |
7,901 |
Administrative fees not included in securities lending income paid to BTC |
0 |
Indemnification fees not included in securities lending income paid to BTC |
0 |
Rebates (paid to borrowers) |
26,444 |
Other fees not included in securities lending income paid to BTC |
0 |
Aggregate fees/compensation for securities lending activities |
$110,692 |
Net income from securities lending activities |
$344,850 |
Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended October 31, 2022 |
Brokerage Commissions Paid During Fiscal Year Ended October 31, 2021 |
Brokerage Commissions Paid During Fiscal Year Ended October 31, 2020 | |||
04/22/14 | $13,830 | $17,207 | $47,240 |
Fiscal Year ended Oct. 31, 2022 |
Fiscal Year ended Oct. 31, 2021 | ||
74% | 57% |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) | |
50,000 | $1,066,487.65 |
Standard Creation Transaction Fee |
Maximum Additional Charge* | |
$158.75** | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
** | Estimated Fee |
Standard Redemption Transaction Fee |
Maximum Additional Charge* | |
$158.75** | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
** | Estimated Fee |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards | |||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model | ||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
iShares Trust
File Nos. 333-92935 and 811-09729
Part C
Other Information
Item 28. Exhibits:
PEA # 2,621
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AllianceBernstein Global High Income Fund, Inc.
AllianceBernstein National Municipal Income Fund, Inc.
AB Multi-Manager Alternative Fund
AB Bond Fund, Inc.
AB Cap Fund, Inc.
AB Core Opportunities Fund, Inc.
AB Corporate Shares
AB Discovery Growth Fund, Inc.
AB Equity Income Fund, Inc.
AB Fixed-Income Shares, Inc.
AB Global Bond Fund, Inc.
AB Global Real Estate Investment Fund, Inc.
AB Global Risk Allocation Fund, Inc.
AB High Income Fund, Inc.
AB Institutional Funds, Inc.
AB Large Cap Growth Fund, Inc.
AB Municipal Income Fund, Inc.
AB Municipal Income Fund II
AB Relative Value Fund, Inc.
AB Sustainable Global Thematic Fund, Inc.
AB Sustainable International Thematic Fund, Inc.
AB Trust
AB Variable Products Series Fund, Inc.
Sanford C. Bernstein Fund, Inc.
Sanford C. Bernstein Fund II, Inc.
Bernstein Fund, Inc.
The AB Portfolios
Allspring Funds Trust
Alpha Architect ETF Trust
American Century Strategic Asset Allocations, Inc.
AMG Funds
AMG Funds I
AMG Funds II
AMG Funds III
AMG Funds IV Series
ETF Series Solutions
Aspiriant Trust
Old Westbury Funds, Inc. |
Franklin Fund Allocator Series
Franklin Templeton ETF Trust
Franklin Templeton Variable Insurance Products Trust
Legg Mason Partners Variable Equity Trust
FundX Investment Trust
The Glenmede Fund, Inc.
GMO Trust
GMO Benchmark-Free Fund
GMO Emerging Domestic Opportunities Fund
GMO Climate Change Fund
GMO Tax-Managed International Equities Fund
GMO Strategic Opportunities Allocation Fund
GPS Funds I
GPS Funds II
Savos Investments Trust
Goldman Sachs Trust
Goldman Sachs Variable Insurance Trust
Goldman Sachs Trust II
Goldman Sachs ETF Trust
Goldman Sachs ETF Trust II
Goldman Sachs MLP and Energy Renaissance Fund
Rydex Dynamic Funds
Rydex Series Funds
Rydex Variable Trust
Guggenheim Funds Trust
Guggenheim Variable Funds Trust
Guggenheim Strategy Funds Trust
Transparent Value Trust
Guggenheim Active Allocation Fund
Guggenheim Energy & Income Fund
Guggenheim Strategic Opportunities Fund
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust
Guggenheim Unit Investment Trusts (Guggenheim Defined Portfolios)
Horizon Funds
INDEXIQ ETF TRUST
Innealta Capital, LLC on behalf of Northern Lights Fund Trust II |
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BlackRock Allocation Target Shares
BlackRock Balanced Capital Fund, Inc.
BlackRock Funds II
BlackRock Funds III
BlackRock Variable Series Funds, Inc.
BNY Mellon Absolute Insight Funds, Inc.
Brighthouse Funds Trust I
Calamos Investment Trust
Calamos Long/Short Equity & Dynamic Income Trust
Calvert Variable Products, Inc.
Calvert Social Investment Fund
Cambria ETF Trust
AdvisorOne Funds
Columbia Funds Series Trust
Columbia Funds Series Trust I
Columbia Funds Series Trust II
Columbia Funds Variable Series Trust II
Columbia Funds Variable Insurance Trust
Direxion Shares ETF Trus
Direxion Funds
Eaton Vance Growth Trust
Eaton Vance Mutual Funds Trust
EQ ADVISORS TRUST
1290 FUNDS
Exchange Listed Funds Trust
ETF Series Solutions
E-Valuator Funds Trust
Fidelity Advisor Series
Fidelity Advisor Series VI
Fidelity Advisor Series VII
Fidelity Beacon Street Trust
Fidelity Capital Trust
Fidelity Central Investment Portfolios LLC
Fidelity Concord Street Trust
Fidelity Congress Street Fund
Fidelity Contrafund
Fidelity Commonwealth Trust
Fidelity Commonwealth Trust I
Fidelity Covington Trust |
Invesco Growth Series
Invesco Investment Funds
Invesco Unit Trusts
JNL Series Trust
James Advantage Funds
Janus Henderson Clayton Street Trust
Janus Investment Fund
John Hancock Variable Insurance Trust
John Hancock Funds II
JPMorgan Trust I
JPMorgan Trust II
J.P. Morgan Fleming Mutual Fund Group, Inc.
JPMorgan Institutional Trust
JPMorgan Insurance Trust
J.P. Morgan Mutual Fund Investment Trust
Undiscovered Managers Funds
J.P. Morgan Exchange-Traded Fund Trust
JPMorgan Trust IV
The Lazard Funds, Inc.
Lincoln Variable Insurance Products Trust
Litman Gregory Funds Trust
Delaware Group Equity Funds IV
Delaware Group Equity Funds V
Delaware Group Foundation Funds
Delaware Pooled Trust
Delaware VIP Trust
Ivy Variable Insurance Portfolio
InvestEd Portfolios
Ivy Funds
Madison Funds
Ultra Series Fund
Northern Lights Fund Trust II
MML Series Investment Fund II
Morningstar Funds Trust
Milliman Variable Insurance Trust
Nationwide Mutual Funds
Nationwide Variable Insurance Trust
Natixis Funds Trust IV
Natixis Funds Trust II |
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Fidelity Destiny Portfolios
Fidelity Devonshire Trust
Fidelity Exchange Fund
Fidelity Financial Trust
Fidelity Hanover Street Trust
Fidelity Hastings Street Trust
Fidelity Investment Trust
Fidelity Magellan Fund
Fidelity Mt. Vernon Street Trust
Fidelity Puritan Trust
Fidelity Securities Fund
Fidelity Select Portfolios
Fidelity Summer Street Trust
Fidelity Trend Fund
Variable Insurance Products Fund
Variable Insurance Products Fund II
Variable Insurance Products Fund III
Variable Insurance Products Fund IV
Fidelity Aberdeen Street Trust
Fidelity Advisor Series II
Fidelity Advisor Series IV
Fidelity Boylston Street Trust
Fidelity California Municipal Trust
Fidelity California Municipal Trust II
Fidelity Central Investment Portfolios II LLC
Fidelity Charles Street Trust
Fidelity Colchester Street Trust
Fidelity Court Street Trust
Fidelity Court Street Trust II
Fidelity Garrison Street Trust
Fidelity Hereford Street Trust
Fidelity Income Fund
Fidelity Massachusetts Municipal Trust
Fidelity Merrimack Street Trust
Fidelity Money Market Trust
Fidelity Municipal Trust
Fidelity Municipal Trust II
Fidelity Newbury Street Trust
Fidelity New York Municipal Trust |
Neuberger Berman Alternative Funds
Neuberger Berman Equity Funds
Neuberger Berman Income Funds
Neuberger Berman Advisers Management Trust
Neuberger Berman ETF Trust
North Square Funds
Northern Lights Fund Trust III
Northwestern Mutual Series Fund, Inc.
FlexShares Trust
Northern Funds
MainStay Funds Trust
MainStay VP Funds Trust
Ohio National Fund, Inc.
Pax World Funds Series Trust I and Pax World Funds Series Trust III
PFM Multi-Manager Series Trust
PIMCO Equity Series
PIMCO Funds
PIMCO Variable Insurance Trust
Principal Variable Contracts Funds, Inc.
Principal Funds, Inc.
ProFunds
ProShares Trust
Prudential Investment Portfolios 3
Prudential Investment Portfolios 16
Advanced Series Trust
Salient MF Trust
Forward Funds
Salient Midstream & MLP Fund
Schwab Capital Trust
Schwab Annuity Portfolios
Securian Funds Trust
SEI Institutional Managed Trust
SEI Institutional Investments Trust
SEI Institutional International Trust
Adviser Managed Trust
SSGA Active Trust
Sterling Capital Funds
SunAmerica Series Trust |
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Fidelity New York Municipal Trust II
Fidelity Oxford Street Trust
Fidelity Oxford Street Trust II
Fidelity Phillips Street Trust
Fidelity Revere Street Trust
Fidelity Salem Street Trust
Fidelity School Street Trust
Fidelity Union Street Trust
Fidelity Union Street Trust II
Variable Insurance Products Fund V
Federated Hermes Fixed Income Securities, Inc.
Federated Hermes MDT Series
Federated Hermes Global Allocation Fund
Federated Hermes Insurance Series
Fidelity Rutland Square Trust II
FT Series
First Trust Exchange-Traded Fund
First Trust Exchange-Traded Fund II
First Trust Exchange-Traded Fund III
First Trust Exchange-Traded Fund IV
First Trust Exchange-Traded Fund V
First Trust Exchange-Traded Fund VI
First Trust Exchange-Traded Fund VII
First Trust Exchange-Traded Fund VIII
First Trust Series Fund
First Trust Variable Insurance Trust |
Symmetry Panoramic Trust
Thrivent Mutual Funds
Thrivent Series Fund, Inc.
Thrivent Core Funds
Transamerica Funds
Transamerica Series Trust
Transamerica ETF Trust
Northern Lights Fund Trust
Northern Lights Variable Trust
VanEck ETF Trust
Victory Portfolios
Victory Portfolios II
Victory Variable Insurance Funds
USAA Mutual Funds Trust
Virtus Strategy Trust
Voya Balanced Portfolio, Inc.
Voya Equity Trust
Voya Investors Trust
Voya Mutual Funds
Voya Partners, Inc.
Voya Separate Portfolios Trust
Voya Strategic Allocation Portfolios, Inc.
The Arbitrage Funds
AltShares Trust
Absolute Shares Trust
WesMark Funds
William Blair Funds
Wilmington Funds |
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Item 29. Persons Controlled By or Under Common Control with Registrant:
None.
Item 30. Indemnification:
The Trust (also referred to in this section as the “Fund”) is organized as a Delaware statutory trust and is operated pursuant to an Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) that permits the Trust to indemnify its trustees and officers under certain circumstances. Such indemnification, however, is subject to the limitations imposed by the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”).
Section 10.2 of the Declaration of Trust:
The Declaration of Trust provides that every person who is, or has been, a trustee or officer of the Trust (a “Covered Person”) shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid in connection with any claim, action, suit, proceeding in which he or she becomes involved as a party or otherwise by virtue of being or having been a trustee or officer and against amounts paid as incurred in the settlement thereof. However, no indemnification shall be provided to a Covered Person:
(i) who shall have been adjudicated by a court or body before which the proceeding was brought (a) to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office or (b) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust; or
(ii) in the event of a settlement, unless there has been a determination that such trustee or officer did not engage in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office: (a) by the court or other body approving the settlement; (b) by at least a majority of those trustees who neither are “interested persons” (as defined in the 1940 Act) of the Trust nor are parties to the matter based upon a review of readily-available facts (as opposed to a full trial-type inquiry); or (c)
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by written opinion of independent legal counsel based upon a review of readily-available facts (as opposed to a full trial-type inquiry); provided, however, that any shareholder, by appropriate legal proceedings, may challenge any such determination by the trustees or by independent counsel.
Article IX of the Registrant’s Amended and Restated By-Laws:
The Amended and Restated By-Laws provides that the Trust may purchase and maintain insurance on behalf of any Covered Person or employee of the Trust, including any Covered Person or employee of the Trust who is or was serving at the request of the Trust as a trustee, officer, or employee of a corporation, partnership, association, joint venture, trust, or other enterprise, against any liability asserted against and incurred by such Covered Person or employee in any such capacity or arising out of his or her status as such, whether or not the trustees would have the power to indemnify him or her against such liability. The Trust may not acquire or obtain a contract for insurance that protects or purports to protect any trustee or officer of the Trust against any liability to the Trust or its Shareholders to which such trustee or officer otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
1933 Act:
Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Fund pursuant to the foregoing provisions, or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a director, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.
For each Fund that has State Street as its administrator, custodian and transfer agent:
Section 17 of the Master Services Agreement between Registrant and State Street:
The Master Services Agreement provides that State Street will indemnify, defend and hold harmless the applicable Fund, its Affiliates, and its respective officers, directors, employees, agents and permitted successors and assigns from any and all damages, fines, penalties, deficiencies, losses, liabilities (including judgments and amounts reasonably paid in settlement) and expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants and other experts or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment) (“Losses”) arising from or in connection with any third party claim or threatened third party claim to the extent that such Losses are based on or arising out of any of the following: (a) breach by State Street or any State Street Personnel of any of its data protection, information security or confidentiality obligations hereunder or under a Service Module to which such Fund is a signatory; (b) any claim of infringement or misappropriation of any Intellectual Property Right alleged to have occurred because of systems or other Intellectual Property provided by or on behalf of State Street or based upon the performance of the Services (collectively, the “State Street Infringement Items”), except to the extent that such infringement or misappropriation relates to or results from; (i) changes made by any Fund or by a third party at the direction of a Fund to the State Street Infringement Items; (ii) changes to the State Street Infringement Items recommended by State Street and not made due to a request from any Fund, provided that State Street has notified such Fund that failure to implement such recommendation would result in infringement within a reasonable amount of time for such Fund to so implement following such notification; (iii) any Fund’s combination of the State Street Infringement Items with products or services not provided or approved in writing by State Street, except to the extent such combination arises out of any Fund’s use of the State Street Infringement Items in a manner consistent with the applicable business requirements documentation; (iv) designs or specifications that in themselves infringe and that are provided by or at the direction of any Fund (except in the event of a knowing infringement by State Street); or (v) use by a Fund of any of the State Street Infringement Items in a manner that is not consistent with the applicable business requirements documentation or otherwise not permitted under the Master Services Agreement or any Service Module; (c) any claim or action by, on behalf of, or related to, any prospective, then-current or former employees of State Street, arising from or in connection with a Service Module to which a Fund is a signatory, including: (i) any claim arising under occupational health and safety, worker’s compensation, ERISA or other applicable Law; (ii) any claim arising from the interview or hiring practices, actions or omissions of employees of State Street; (iii) any claim relating to any violation by employees of State Street, or its respective officers, directors, employees, representatives or agents, of any Law or any common law protecting persons or members of protected classes or categories, such laws or regulations prohibiting discrimination or harassment on the basis of a protected characteristic; and (iv) any claim based on a theory that such Fund is an employer or joint employer of any such prospective, then-current or former employees of State Street; (d) the failure by State Street to obtain, maintain, or comply with any governmental approvals as required under the Master Services Agreement and/or a Service Module to which such Fund is a signatory or such other failures as otherwise agreed by the Parties from time to time; (e)
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claims by third parties arising from claims by governmental authorities against such Customer for fines, penalties, sanctions, late fees or other remedies to the extent arising from or in connection with State Street’s failure to perform its responsibilities under the Master Services Agreement or any Service Module (except to the extent a Fund is not permitted as a matter of public policy to have such an indemnity for financial penalties arising from criminal actions); (f) claims by clients of State Street relating to services, products or systems provided by State Street or a Subcontractor to such client(s) in a shared or leveraged environment; (g) any claim initiated by an Affiliate or potential or actual Subcontractor of State Street asserting rights in connection with a Service Module to which such Fund is a signatory; or (h) other claims as otherwise agreed by the Parties from time to time.
Each Party will indemnify, defend and hold harmless the other Party and their respective officers, directors, employees, agents, successors and assigns from any and all Losses arising from or in connection with any of the following, including Losses arising from or in connection with any third party claim or threatened third party claim: (a) the death or bodily injury of an agent, employee, customer, business invitee or business visitor or other person caused by the tortious or criminal conduct of the other Party; or (b) the damage, loss or destruction of real or tangible personal property caused by the tortious or criminal conduct of the other Party.
For each Fund that has Citibank, N.A. as its administrator, custodian and transfer agent:
Section 21 of the Master Services Agreement between Registrant and Citibank, N.A.:
The Master Services Agreement provides that, subject to Article 21 and Article 22 of the Master Services Agreement, Citibank, N.A. will indemnify, defend and hold harmless BFA and the Funds and their respective Affiliates, and their Affiliates’ respective officers, directors, employees, agents and permitted successors and assigns from any and all damages, fines, penalties, deficiencies, losses, liabilities (including judgments and amounts reasonably paid in settlement) and expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants and other experts or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment) (“Losses”) arising from or in connection with any third party claim or threatened third party claim to the extent that such Losses are based on or arising out of any of the following: (a) material breach by Citibank, N.A. (in its capacity as Citibank, N.A., Foreign Custody Manager or any other capacity under this Agreement), any Citibank, N.A. Personnel or any Subcontractor of any of its obligations hereunder (including data protection, information security or confidentiality obligations), under any Sub-Custodian Agreement or under the Standard of Care; (b) other than as provided in Section 3.7(b) any action or omission to act by (i) a Sub-Custodian that is an Affiliate of Citibank, N.A. or (ii) a Sub-Custodian that is not an Affiliate of Citibank, N.A. and was selected, retained, monitored or used by Citibank, N.A. with the failure to exercise the required Standard of Care; (c) any third party claim of infringement or misappropriation of any Intellectual Property Rights (including any Independent Work) resulting from or alleged to have occurred because of the use or other exploitation of any deliverables provided by or on behalf of Citibank, N.A. (including by any of its Affiliates or Subcontractors), including any Citibank, N.A. Technology (including any derivatives thereof), Work Product, Independent Work (including any derivatives thereof) or other developments created by any Citibank, N.A. Personnel or based upon the performance of the Services (collectively, the “Citibank, N.A. Infringement Items”), except to the extent that such infringement or misappropriation relates to or results from: (i) changes made by any Fund or by a third party at the direction of a Fund to the Citibank, N.A. Infringement Items; (ii) changes to the Citibank, N.A. Infringement Items recommended by Citibank, N.A. and not made due to a request from any Fund, provided that Citibank, N.A. has notified such Fund that failure to implement such recommendation would result in infringement within a reasonable amount of time for such Fund to so implement following such notification; (iii) any Fund’s combination of the Citibank, N.A. Infringement Items with products or services not provided or approved in writing by Citibank, N.A., except to the extent such combination arises out of any Fund’s use of the Citibank, N.A. Infringement Items in a manner consistent with the applicable business requirements documentation; (iv) designs or specifications that in themselves infringe and that are provided by or at the direction of any Fund (except in the event that Citibank, N.A., at the time of receiving such direction, knows or reasonably should know that an infringement or misappropriation would occur if such designs or specifications are implemented); or (v) use or distribution by a Fund of any of the Citibank, N.A. Infringement Items in a manner that is not consistent with the applicable business requirements documentation or otherwise not permitted under the Master Services Agreement; (d) any employment-related claim or action by, on behalf of, or related to, any prospective, then-current or former Citibank, N.A. Personnel, arising from or in connection herewith, including: (i) any claim arising under occupational health and safety, worker’s compensation or other similar applicable Law; (ii) any claim arising from the interview or hiring practices, actions or omissions of employees of Citibank, N.A.; (iii) any claim relating to any violation by Citibank, N.A., its Affiliates, or their respective officers, directors, employees, representatives or agents of any Law or any common law protecting persons or members of protected classes or categories, such laws or regulations prohibiting discrimination or harassment on the basis of a protected characteristic; and (iv) any claim based on a theory that such Fund is an employer or joint employer of any such prospective, then current or former employee of Citibank, N.A.; (e) the failure by Citibank, N.A. to obtain, maintain, or comply with any governmental approvals as required under this Agreement or Citibank, N.A. Laws; (f) such other failures as otherwise agreed by the Parties from time to time; (g) claims by any Governmental Authority against a Fund or a shareholder for fines, penalties, sanctions, late fees or other remedies to the extent arising from or in connection with Citibank, N.A.’s failure to perform its responsibilities under this Agreement, or claims by third parties arising from such claims by Governmental Authorities (except to the extent a Fund is not permitted as a matter of public policy to have such an indemnity for financial penalties arising from criminal actions); (h) claims by clients of Citibank, N.A. relating to services, products or systems provided by Citibank, N.A. or a Subcontractor to such client(s) in a
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shared or leveraged environment; (i) any claim relating to the handling and processing of any and all immigration and employment related issues and requirements arising in connection with the Citibank, N.A. Personnel (whether located in the United States or elsewhere); (j) any third party claim based on or arising out of negligence, fraud or willful acts or omissions of or by Citibank, N.A. or Citibank, N.A. Personnel with respect to the performance of the Services; (k) any claim initiated by an Affiliate or potential or actual Subcontractor of Citibank, N.A. asserting rights in connection herewith; or (l) other claims as otherwise agreed by the Parties from time to time.
Each Party will indemnify, defend and hold harmless the other Party and its respective officers, directors, employees, agents, successors and assigns from any and all Losses arising from or in connection with any of the following, including Losses arising from or in connection with any third party claim or threatened third party claim: (a) the death or bodily injury of an agent, employee, customer, business invitee or business visitor or other person caused by the tortious or criminal conduct of the other Party; or (b) the damage, loss or destruction of real or tangible personal property caused by the tortious or criminal conduct of the other Party.
For each Fund that has JPMorgan Chase Bank, N.A. as its administrator, custodian and transfer agent:
Section 21 of the Master Services Agreement between Registrant and JPMorgan Chase Bank, N.A:
The Master Services Agreement provides that, subject to Article 21 and Article 22 of the Master Services Agreement, JPMorgan Chase Bank, N.A. will indemnify, defend and hold harmless BFA and the Funds and their respective Affiliates, and their Affiliates’ respective officers, directors, employees, agents and permitted successors and assigns from any and all damages, fines, penalties, deficiencies, losses, liabilities (including judgments and amounts reasonably paid in settlement) and expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants and other experts or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment) (“Losses”) arising from or in connection with any third party claim or threatened third party claim to the extent that such Losses are based on or arising out of any of the following: (a) material breach by JPMorgan Chase Bank, N.A. (in its capacity as JPMorgan Chase Bank, N.A., Foreign Custody Manager or any other capacity under this Agreement), any JPMorgan Chase Bank, N.A. Personnel or any Subcontractor of any of its obligations hereunder (including data protection, information security or confidentiality obligations), under any Sub-Custodian Agreement or under the Standard of Care; (b) other than as provided in Section 3.7(b) any action or omission to act by (i) a Sub-Custodian that is an Affiliate of JPMorgan Chase Bank, N.A. or (ii) a Sub-Custodian that is not an Affiliate of JPMorgan Chase Bank, N.A. and was selected, retained, monitored or used by JPMorgan Chase Bank, N.A. with the failure to exercise the required Standard of Care; (c) any third party claim of infringement or misappropriation of any Intellectual Property Rights (including any Independent Work) resulting from or alleged to have occurred because of the use or other exploitation of any deliverables provided by or on behalf of JPMorgan Chase Bank, N.A. (including by any of its Affiliates or Subcontractors), including any JPMorgan Chase Bank, N.A. Technology (including any derivatives thereof), Work Product, Independent Work (including any derivatives thereof) or other developments created by any JPMorgan Chase Bank, N.A. Personnel or based upon the performance of the Services (collectively, the “JPMorgan Chase Bank, N.A. Infringement Items”), except to the extent that such infringement or misappropriation relates to or results from: (i) changes made by any Fund or by a third party at the direction of a Fund to the JPMorgan Chase Bank, N.A. Infringement Items; (ii) changes to the JPMorgan Chase Bank, N.A. Infringement Items recommended by JPMorgan Chase Bank, N.A. and not made due to a request from any Fund, provided that JPMorgan Chase Bank, N.A. has notified such Fund that failure to implement such recommendation would result in infringement within a reasonable amount of time for such Fund to so implement following such notification; (iii) any Fund’s combination of the JPMorgan Chase Bank, N.A. Infringement Items with products or services not provided or approved in writing by JPMorgan Chase Bank, N.A., except to the extent such combination arises out of any Fund’s use of the JPMorgan Chase Bank, N.A. Infringement Items in a manner consistent with the applicable business requirements documentation; (iv) designs or specifications that in themselves infringe and that are provided by or at the direction of any Fund (except in the event that JPMorgan Chase Bank, N.A., at the time of receiving such direction, knows or reasonably should know that an infringement or misappropriation would occur if such designs or specifications are implemented); or (v) use or distribution by a Fund of any of the JPMorgan Chase Bank, N.A. Infringement Items in a manner that is not consistent with the applicable business requirements documentation or otherwise not permitted under the Master Services Agreement; (d) any employment-related claim or action by, on behalf of, or related to, any prospective, then-current or former JPMorgan Chase Bank, N.A. Personnel, arising from or in connection herewith, including: (i) any claim arising under occupational health and safety, worker’s compensation or other similar applicable Law; (ii) any claim arising from the interview or hiring practices, actions or omissions of employees of JPMorgan Chase Bank, N.A.; (iii) any claim relating to any violation by JPMorgan Chase Bank, N.A., its Affiliates, or their respective officers, directors, employees, representatives or agents of any Law or any common law protecting persons or members of protected classes or categories, such laws or regulations prohibiting discrimination or harassment on the basis of a protected characteristic; and (iv) any claim based on a theory that such Fund is an employer or joint employer of any such prospective, then current or former employee of JPMorgan Chase Bank, N.A.; (e) the failure by JPMorgan Chase Bank, N.A. to obtain, maintain, or comply with any governmental approvals as required under this Agreement or JPMorgan Chase Bank, N.A. Laws; (f) such other failures as otherwise agreed by the Parties from time to time; (g) claims by any Governmental Authority against a Fund or a shareholder for fines, penalties, sanctions, late fees or other remedies to the extent arising from or in connection with JPMorgan Chase Bank, N.A.’s failure to perform its responsibilities under this Agreement, or claims by third parties arising from such claims by Governmental Authorities (except to the extent a Fund is not permitted as a matter of public
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policy to have such an indemnity for financial penalties arising from criminal actions); (h) claims by clients of JPMorgan Chase Bank, N.A. relating to services, products or systems provided by JPMorgan Chase Bank, N.A. or a Subcontractor to such client(s) in a shared or leveraged environment; (i) any claim relating to the handling and processing of any and all immigration and employment related issues and requirements arising in connection with the JPMorgan Chase Bank, N.A. Personnel (whether located in the United States or elsewhere); (j) any third party claim based on or arising out of negligence, fraud or willful acts or omissions of or by JPMorgan Chase Bank, N.A. or JPMorgan Chase Bank, N.A. Personnel with respect to the performance of the Services; (k) any claim initiated by an Affiliate or potential or actual Subcontractor of JPMorgan Chase Bank, N.A. asserting rights in connection herewith; or (l) other claims as otherwise agreed by the Parties from time to time.
Each Party will indemnify, defend and hold harmless the other Party and its respective officers, directors, employees, agents, successors and assigns from any and all Losses arising from or in connection with any of the following, including Losses arising from or in connection with any third party claim or threatened third party claim: (a) the death or bodily injury of an agent, employee, customer, business invitee or business visitor or other person caused by the tortious or criminal conduct of the other Party; or (b) the damage, loss or destruction of real or tangible personal property caused by the tortious or criminal conduct of the other Party.
For each Fund that has The Bank of New York Mellon as its administrator, custodian and transfer agent:
Section 21 of the Master Services Agreement between Registrant and The Bank of New York Mellon:
The Master Services Agreement provides that, subject to Article 21 and Article 22 of the Master Services Agreement, The Bank of New York Mellon, N.A. will indemnify, defend and hold harmless BFA and the Funds and their respective Affiliates, and their Affiliates’ respective officers, directors, employees, agents and permitted successors and assigns from any and all damages, fines, penalties, deficiencies, losses, liabilities (including judgments and amounts reasonably paid in settlement) and expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants and other experts or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment) (“Losses”) arising from or in connection with any third party claim or threatened third party claim to the extent that such Losses are based on or arising out of any of the following: (a) material breach by The Bank of New York Mellon, N.A. (in its capacity as The Bank of New York Mellon, N.A., Foreign Custody Manager or any other capacity under this Agreement), any The Bank of New York Mellon, N.A. Personnel or any Subcontractor of any of its obligations hereunder (including data protection, information security or confidentiality obligations), under any Sub-Custodian Agreement or under the Standard of Care; (b) other than as provided in Section 3.7(b) any action or omission to act by (i) a Sub-Custodian that is an Affiliate of The Bank of New York Mellon, N.A. or (ii) a Sub-Custodian that is not an Affiliate of The Bank of New York Mellon, N.A. and was selected, retained, monitored or used by The Bank of New York Mellon, N.A. with the failure to exercise the required Standard of Care; (c) any third party claim of infringement or misappropriation of any Intellectual Property Rights (including any Independent Work) resulting from or alleged to have occurred because of the use or other exploitation of any deliverables provided by or on behalf of The Bank of New York Mellon, N.A. (including by any of its Affiliates or Subcontractors), including any The Bank of New York Mellon, N.A. Technology (including any derivatives thereof), Work Product, Independent Work (including any derivatives thereof) or other developments created by any The Bank of New York Mellon, N.A. Personnel or based upon the performance of the Services (collectively, the “The Bank of New York Mellon, N.A. Infringement Items”), except to the extent that such infringement or misappropriation relates to or results from: (i) changes made by any Fund or by a third party at the direction of a Fund to The Bank of New York Mellon, N.A. Infringement Items; (ii) changes to The Bank of New York Mellon, N.A. Infringement Items recommended by The Bank of New York Mellon, N.A. and not made due to a request from any Fund, provided that The Bank of New York Mellon, N.A. has notified such Fund that failure to implement such recommendation would result in infringement within a reasonable amount of time for such Fund to so implement following such notification; (iii) any Fund’s combination of The Bank of New York Mellon, N.A. Infringement Items with products or services not provided or approved in writing by The Bank of New York Mellon, N.A., except to the extent such combination arises out of any Fund’s use of The Bank of New York Mellon, N.A. Infringement Items in a manner consistent with the applicable business requirements documentation; (iv) designs or specifications that in themselves infringe and that are provided by or at the direction of any Fund (except in the event that The Bank of New York Mellon, N.A., at the time of receiving such direction, knows or reasonably should know that an infringement or misappropriation would occur if such designs or specifications are implemented); or (v) use or distribution by a Fund of any of The Bank of New York Mellon, N.A. Infringement Items in a manner that is not consistent with the applicable business requirements documentation or otherwise not permitted under the Master Services Agreement; (d) any employment-related claim or action by, on behalf of, or related to, any prospective, then-current or former The Bank of New York Mellon, N.A. Personnel, arising from or in connection herewith, including: (i) any claim arising under occupational health and safety, worker’s compensation or other similar applicable Law; (ii) any claim arising from the interview or hiring practices, actions or omissions of employees of The Bank of New York Mellon, N.A.; (iii) any claim relating to any violation by The Bank of New York Mellon, N.A., its Affiliates, or their respective officers, directors, employees, representatives or agents of any Law or any common law protecting persons or members of protected classes or categories, such laws or regulations prohibiting discrimination or harassment on the basis of a protected characteristic; and (iv) any claim based on a theory that such Fund is an employer or joint employer of any such prospective, then current or former employee of The Bank of New York Mellon, N.A.; (e) the failure by The Bank of New York Mellon, N.A. to obtain, maintain, or
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comply with any governmental approvals as required under this Agreement or The Bank of New York Mellon, N.A. Laws; (f) such other failures as otherwise agreed by the Parties from time to time; (g) claims by any Governmental Authority against a Fund or a shareholder for fines, penalties, sanctions, late fees or other remedies to the extent arising from or in connection with The Bank of New York Mellon, N.A.’s failure to perform its responsibilities under this Agreement, or claims by third parties arising from such claims by Governmental Authorities (except to the extent a Fund is not permitted as a matter of public policy to have such an indemnity for financial penalties arising from criminal actions); (h) claims by clients of The Bank of New York Mellon, N.A. relating to services, products or systems provided by The Bank of New York Mellon, N.A. or a Subcontractor to such client(s) in a shared or leveraged environment; (i) any claim relating to the handling and processing of any and all immigration and employment related issues and requirements arising in connection with The Bank of New York Mellon, N.A. Personnel (whether located in the United States or elsewhere); (j) any third party claim based on or arising out of negligence, fraud or willful acts or omissions of or by The Bank of New York Mellon, N.A. or The Bank of New York Mellon, N.A. Personnel with respect to the performance of the Services; (k) any claim initiated by an Affiliate or potential or actual Subcontractor of The Bank of New York Mellon, N.A. asserting rights in connection herewith; or (l) other claims as otherwise agreed by the Parties from time to time.
Each Party will indemnify, defend and hold harmless the other Party and its respective officers, directors, employees, agents, successors and assigns from any and all Losses arising from or in connection with any of the following, including Losses arising from or in connection with any third party claim or threatened third party claim: (a) the death or bodily injury of an agent, employee, customer, business invitee or business visitor or other person caused by the tortious or criminal conduct of the other Party; or (b) the damage, loss or destruction of real or tangible personal property caused by the tortious or criminal conduct of the other Party.
Section 8.02 of the Distribution Agreement between Registrant and BRIL:
The Distribution Agreement provides that the Trust agrees to indemnify, defend and hold harmless, BRIL, each of its directors, officers, principals, representatives, employees and each person, if any, who controls BRIL within the meaning of Section 15 of the 1933 Act (collectively, the “BRIL Indemnified Parties”) on an as-incurred basis from and against any and all losses, claims, damages or liabilities whatsoever (including any investigation, legal or other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) (collectively, “Losses”) to which the BRIL Indemnified Parties become subject, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading and (ii) any breach of any representation, warranty or covenant made by the Trust in this Agreement; provided, however, that the Trust shall not be liable in any such case to the extent that any Loss arises out of or is based upon (A) an untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus about BRIL in reliance upon and in conformity with written information furnished to the Trust by BRIL expressly for use therein; (B) BRIL’s own willful misfeasance, willful misconduct or gross negligence or BRIL’s reckless disregard of its obligations under this Agreement or arising out of the failure of BRIL to deliver a current Prospectus; or (C) BRIL’s material breach of this Agreement.
The Distribution Agreement also provides that BRIL agrees to indemnify and hold harmless the Trust, each of its trustees, officers, employees and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act (collectively, the “Trust Indemnified Parties”) from and against any and all losses to which the Trust Indemnified Parties become subject, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, in reliance upon and in conformity with written information furnished to the Trust by BRIL about BRIL expressly for use therein; (ii) any breach of any representation, warranty or covenant made by BRIL in the Distribution Agreement; and (iii) the actions or omissions of any person acting under the supervision of BRIL in providing services under the Distribution Agreement; provided, however, that BRIL shall not be liable in any such case to the extent that any loss arises out of or is based upon (A) the Trust’s own willful misfeasance, willful misconduct or gross negligence or the Trust’s reckless disregard of its obligations under the Distribution Agreement or (B) the Trust’s material breach of the Distribution Agreement.
The Authorized Participant Agreement:
The Authorized Participant Agreement provides that the Authorized Participant (the “Participant”) agrees to indemnify and hold harmless the Fund and its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an “Indemnified Party”) from and against any loss, liability, cost and expense (including attorneys’ fees) incurred by such Indemnified Party as a result of (i) any breach by the Participant of any provision of the Authorized Participant Agreement that relates to the Participant; (ii) any failure on the part of the Participant to perform any of its obligations set forth in the Authorized Participant Agreement; (iii) any failure by the Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations; or (iv) actions of such Indemnified Party in reliance upon any instructions issued in accordance with Annex II, III or IV (as each may be amended from time to time) of the Authorized Participant Agreement reasonably believed by the distributor and/or the transfer agent to be genuine and to have been given by the Participant.
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Section 5.1 of the Fifth Amended and Restated Securities Lending Agency Agreement:
The Fifth Amended and Restated Securities Lending Agency Agreement provides that the Trust on behalf of each Fund agrees to indemnify BTC and to hold it harmless from and against any and all costs, expenses, damages, liabilities or claims (including reasonable fees and expenses of counsel) which BTC may sustain or incur or which may be asserted against BTC by reason of or as a result of any action taken or omitted by BTC in connection with or arising out of BTC’s operating under and in compliance with this Agreement, except those costs, expenses, damages, liabilities or claims arising out of BTC’s negligence, bad faith, willful misconduct, or reckless disregard of its obligations and duties hereunder. Actions taken or omitted in reasonable reliance upon Oral Instructions or Written Instructions, any Certificate, or upon any information, order, indenture, stock certificate, power of attorney, assignment, affidavit or other instrument reasonably believed by BTC to be genuine or bearing the signature of a person or persons reasonably believed by BTC to be genuine or bearing the signature of a person or persons reasonably believed to be authorized to sign, countersign or execute the same, shall be presumed to have been taken or omitted in good faith.
The Fifth Amended and Restated Securities Lending Agency Agreement also provides that BTC shall indemnify and hold harmless the Trust and each Fund, its Board of Trustees and its agents and BFA and any investment adviser for the Funds from any and all loss, liability, costs, damages, actions, and claims (“Loss”) to the extent that any such Loss arises out of the material breach of this Agreement by or negligent acts or omissions or willful misconduct of BTC, its officers, directors or employees or any of its agents or subcustodians in connection with the securities lending activities undertaken pursuant to this Agreement, provided that BTC’s indemnification obligation with respect to the acts or omissions of its subcustodians shall not exceed the indemnification provided by the applicable subcustodian to BTC.
The Participation Agreement:
The Form of Participation Agreement generally provides that each Investing Fund agrees to hold harmless and indemnify the iShares Funds, including any of their principals, directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or claims or actions (“Claims”) asserted against the iShares Funds, including any of their principals, directors or trustees, officers, employees and agents, to the extent such Claims result from (i) a violation or alleged violation by such Investing Fund of any provision of this Agreement or (ii) a violation or alleged violation by such Investing Fund of the terms and conditions of the iShares Order, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims.
The iShares Funds agree to hold harmless and indemnify an Investing Fund, including any of its directors or trustees, officers, employees and agents, against and from any Claims asserted against the Investing Fund, including any of its directors or trustees, officers, employees and agents, to the extent such Claims result from (i) a violation or alleged violation by the iShares Fund of any provision of this Agreement or (ii) a violation or alleged violation by the iShares Fund of the terms and conditions of the iShares Order, such indemnification to include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims; provided that no iShares Fund shall be liable for indemnifying any Investing Fund for any Claims resulting from violations that occur as a result of incomplete or inaccurate information provided by the Investing Fund to such iShares Fund pursuant to terms and conditions of the iShares Order or this Agreement.
Sublicense Agreements between the Registrant and BFA:
The Sublicense Agreements generally provide that the Trust shall indemnify and hold harmless BFA, its officers, employees, agents, successors, and assigns against all judgments, damages, costs or losses of any kind (including reasonable attorneys’ and experts’ fees) resulting from any claim, action or proceeding (collectively “claims”) that arises out of or relates to (a) the creation, marketing, advertising, selling, and operation of the Trust or interests therein, (b) any breach by BFA of its covenants, representations, and warranties under the “License Agreement” caused by the actions or inactions of the Trust, or (c) any violation of applicable laws (including, but not limited to, banking, commodities, and securities laws) arising out of the offer, sale, operation, or trading of the Trust or interests therein, except to the extent such claims result from the negligence, gross negligence or willful misconduct of BFA or an affiliate of BFA. The provisions of this section shall survive termination of this Sublicense Agreement.
Item 31. Business and Other Connections of the Investment Adviser:
The Trust is advised by BFA, an indirect wholly owned subsidiary of BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. BFA’s business is that of a registered investment adviser to certain open-end, management investment companies and various other institutional investors.
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The directors and officers of BFA consist primarily of persons who during the past two years have been active in the investment management business. To the knowledge of the Registrant, except as set forth below, none of the directors or executive officers of BFA is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. Information as to the executive officers and directors of BFA is included in its Form ADV filed with the SEC (File No. 801-22609) and is incorporated herein by reference.
Director or Officer | Capacity with BFA | Principal Business(es) During Last Two Fiscal Years | ||
FINK, LAURENCE DOUGLAS |
CHIEF EXECUTIVE OFFICER | Chairman and Chief Executive Officer of BlackRock, Inc. | ||
GOLDSTEIN, ROBERT LAWRENCE |
CHIEF OPERATING OFFICER AND DIRECTOR | Senior Managing Director and Chief Operating Officer of BlackRock, Inc. | ||
KAPITO, ROBERT STEVEN |
PRESIDENT | President and Director of BlackRock, Inc. | ||
MEADE, CHRISTOPHER JOSEPH |
GENERAL COUNSEL AND CHIEF LEGAL OFFICER | Senior Managing Director and Chief Legal Officer of BlackRock, Inc. | ||
PARK, CHARLES CHOON SIK |
CHIEF COMPLIANCE OFFICER | Managing Director of BlackRock, Inc. and Chief Compliance Officer of BlackRock’s registered investment companies | ||
SHEDLIN, GARY STEPHEN |
CHIEF FINANCIAL OFFICER AND DIRECTOR | Senior Managing Director and Chief Financial Officer of BlackRock Inc. | ||
WALTCHER, DANIEL RUSSELL |
DIRECTOR | Managing Director and Deputy General Counsel of BlackRock, Inc. |
BIL acts as sub-adviser for a number of affiliated registered investment companies advised by BFA. The address of each of these registered investment companies is 400 Howard Street, San Francisco, CA 94105. The address of BIL is Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom. To the knowledge of the Registrant, except as set forth below, none of the directors or executive officers of BIL is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. Information as to the executive officers and directors of BIL is included in its Form ADV filed with the SEC (File No. 801-51087) and is incorporated herein by reference.
Director or Officer | Capacity with BIL | Principal Business(es) During Last Two Fiscal Years | ||
CHARRINGTON, NICHOLAS JAMES |
DIRECTOR | Senior Adviser and Non-Executive Chairman of EMEA of BlackRock, Inc., Non-Executive Director of BlackRock Group Limited BlackRock Investment Management (UK) Limited, BlackRock Advisors (UK) Limited and BIL (collectively, the “Joint Boards”) | ||
CLAUSEN, CHRISTIAN |
DIRECTOR | Senior Advisor of BlackRock, Inc. | ||
DE FREITAS, ELEANOR JUDITH |
DIRECTOR | Managing Director of BlackRock, Inc. | ||
FISHWICK, JAMES EDWARD |
DIRECTOR | Managing Director of BlackRock, Inc. | ||
ARCHIBALD, ARTHUR, BENJAMIN |
GENERAL COUNSEL | Managing Director of BlackRock, Inc. | ||
LORD, RACHEL |
CHIEF EXECUTIVE OFFICER AND DIRECTOR | Senior Managing Director of BlackRock, Inc. | ||
GIBSON, NICHOLAS, JOHN |
CHIEF COMPLIANCE OFFICER | Managing Director of BlackRock, Inc. |
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MULLIN, STACEY JANE |
CHIEF OPERATING OFFICER AND DIRECTOR | Managing Director of BlackRock, Inc. | ||
MCDONALD, COLIN, ALISTAIR |
CHIEF FINANCIAL OFFICER | Managing Director of BlackRock, Inc., Director of BlackRock Inc. | ||
YOUNG, MARGARET ANNE |
DIRECTOR | Non-Executive Director of the Joint Boards |
Item 32. Principal Underwriters:
(a) | Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser. |
BRIL, the distributor of certain funds, acts as the principal underwriter or placement agent, as applicable, for each of the following open-end registered investment companies including certain funds of the Registrant:
BlackRock Advantage Global Fund, Inc. |
BlackRock Liquidity Funds | |
BlackRock Advantage SMID Cap Fund, Inc. |
BlackRock Mid-Cap Value Series, Inc. | |
BlackRock Allocation Target Shares |
BlackRock Multi-State Municipal Series Trust | |
BlackRock Bond Fund, Inc. |
BlackRock Municipal Bond Fund, Inc. | |
BlackRock California Municipal Series Trust |
BlackRock Municipal Series Trust | |
BlackRock Capital Appreciation Fund, Inc. |
BlackRock Natural Resources Trust | |
BlackRock Emerging Markets Fund, Inc. |
BlackRock Series Fund, Inc. | |
BlackRock Equity Dividend Fund |
BlackRock Series Fund II, Inc. | |
BlackRock ETF Trust |
BlackRock Series, Inc. | |
BlackRock ETF Trust II |
BlackRock Strategic Global Bond Fund, Inc. | |
BlackRock EuroFund |
BlackRock Sustainable Balanced Fund, Inc. | |
BlackRock Financial Institutions Series Trust |
BlackRock Unconstrained Equity Fund | |
BlackRock FundsSM |
BlackRock Variable Series Funds, Inc. | |
BlackRock Funds II |
BlackRock Variable Series Funds II, Inc. | |
BlackRock Funds III |
iShares, Inc. | |
BlackRock Funds IV |
iShares U.S. ETF Trust | |
BlackRock Funds V |
Managed Account Series | |
BlackRock Funds VI |
Managed Account Series II | |
BlackRock Funds VII, Inc. |
Master Bond LLC | |
BlackRock Global Allocation Fund, Inc. |
Master Investment Portfolio | |
BlackRock Index Funds, Inc. |
Master Investment Portfolio II | |
BlackRock Large Cap Focus Growth Fund, Inc. |
Quantitative Master Series LLC | |
BlackRock Large Cap Focus Value Fund, Inc. |
||
BlackRock Large Cap Series Funds, Inc. |
BRIL also acts as the distributor or placement agent for the following closed-end registered investment companies:
BlackRock Core Bond Trust |
BlackRock Corporate High Yield Fund, Inc. |
BlackRock Credit Strategies Fund |
BlackRock Debt Strategies Fund, Inc. |
BlackRock Floating Rate Income Trust |
BlackRock Health Sciences Trust |
BlackRock Hedge Fund Guided Portfolio Solution |
BlackRock Income Trust, Inc. |
BlackRock Investment Quality Municipal Trust, Inc. |
BlackRock Limited Duration Income Trust |
BlackRock Multi-Sector Income Trust |
BlackRock MuniAssets Fund, Inc. |
BlackRock Municipal Income Trust |
BlackRock Municipal Income Trust II |
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BlackRock Private Investments Fund |
BlackRock Science and Technology Trust |
BlackRock Taxable Municipal Bond Trust |
BlackRock Utilities, Infrastructure & Power Opportunities Trust |
BRIL provides numerous financial services to BlackRock-advised funds and is the distributor of BlackRock’s open-end funds. These services include coordinating and executing Authorized Participation Agreements, preparing, reviewing and providing advice with respect to all sales literature and responding to Financial Industry Regulatory Authority comments on marketing materials.
(b) | Set forth below is information concerning each director and officer of BRIL. The principal business address for each such person is 55 East 52nd Street, New York, NY 10055. |
Name |
Position(s) and Office(s) with BRIL |
Position(s) and Office(s) | ||
Abigail Reynolds |
Chairman and Member, Board of Managers, and Chief Executive Officer |
None | ||
Christopher Meade |
Chief Legal Officer, General Counsel and Senior Managing Director |
None | ||
Lauren Bradley |
Chief Financial Officer and Vice President |
None | ||
Gregory Rosta |
Chief Compliance Officer and Director |
None | ||
Jon Maro |
Chief Operating Officer and Director |
None | ||
Andrew Dickson |
Secretary and Managing Director |
None | ||
Terri Slane |
Assistant Secretary and Director |
None | ||
Anne Ackerley |
Member, Board of Managers, and Managing Director |
None | ||
Michael Bishopp |
Managing Director |
None | ||
Samara Cohen |
Managing Director |
None | ||
Jonathan Diorio |
Managing Director |
None | ||
Lisa Hill |
Managing Director |
None | ||
Brendan Kyne |
Managing Director |
None | ||
Martin Small |
Member, Board of Managers, and Managing Director |
None | ||
Jonathan Steel |
Managing Director |
None | ||
Ariana Brown |
Director |
None | ||
Chris Nugent |
Director |
None | ||
Lourdes Sanchez |
Vice President |
None | ||
Lisa Belle |
Anti-Money Laundering Officer |
Anti-Money Laundering Compliance Officer | ||
Zach Buchwald |
Member, Board of Managers |
None | ||
Gerald Pucci |
Member, Board of Managers |
None | ||
Philip Vasan |
Member, Board of Managers |
None |
(c) | Not applicable. |
Item 33. Location of Accounts and Records:
(a) | The Trust maintains accounts, books and other documents required by Section 31(a) of the 1940 Act and the rules thereunder (collectively, the “Records”) at the offices of BlackRock, 60 State Street, Boston, MA 02109. |
(b) | BFA and/or its affiliates maintains all Records relating to its services as investment adviser at 400 Howard Street, San Francisco, CA 94105. |
(c) | BRIL maintains all Records relating to its services as distributor of certain Funds at 1 University Square Drive, Princeton, NJ 08540. |
(d) | State Street maintains all Records relating to its services as transfer agent at 1 Heritage Drive, North Quincy, MA 02171. State Street maintains all Records relating to its services as fund accountant and custodian at 1 Lincoln Street, Mail Stop SFC0805, Boston, MA 02111. |
(e) | BlackRock International Limited maintains all Records relating to its functions as current or former sub-adviser at Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom. |
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Item 34. Management Services:
Not applicable.
Item 35. Undertakings:
Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 2,621 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of San Francisco and the State of California on the 23rd day of February, 2023.
iSHARES TRUST | ||
By: |
| |
Armando Senra* | ||
President | ||
Date: | February 23, 2023 |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 2,621 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
By: |
| |
Salim Ramji* | ||
Trustee | ||
Date: | February 23, 2023 |
| ||
John E. Martinez* | ||
Trustee | ||
Date: | February 23, 2023 |
| ||
Cecilia H. Herbert* | ||
Trustee | ||
Date: | February 23, 2023 |
| ||
John E. Kerrigan* | ||
Trustee | ||
Date: | February 23, 2023 |
| ||
Robert S. Kapito* | ||
Trustee | ||
Date: | February 23, 2023 |
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| ||
Madhav V. Rajan* | ||
Trustee | ||
Date: | February 23, 2023 |
| ||
Jane D. Carlin* | ||
Trustee | ||
Date: | February 23, 2023 |
| ||
Drew E. Lawton* | ||
Trustee | ||
Date: | February 23, 2023 | |
| ||
Richard L. Fagnani* | ||
Trustee | ||
Date: | February 23, 2023 | |
/s/ Trent W. Walker | ||
Trent W. Walker* | ||
Treasurer and Chief Financial Officer | ||
Date: | February 23, 2023 |
/s/ Trent W. Walker | ||
* | By: Trent W. Walker | |
Attorney-in-fact | ||
Date: | February 23, 2023 |
* |
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