December 1, 2022 | |
2022 Prospectus |
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S-1 |
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1 |
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1 |
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13 |
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25 |
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25 |
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31 |
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33 |
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38 |
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39 |
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40 |
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40 |
Ticker: IYLD | 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 Waiver1 | Total
Annual Fund Operating Expenses After Fee Waiver | ||||||
( |
1 |
1 Year | 3 Years | 5 Years | 10 Years | |||
$ |
$ |
$ |
$ |
1 |
One Year | Five Years | Since
Fund Inception | |||
(Inception
Date: |
|||||
Return Before Taxes | |||||
Return After Taxes on Distributions2 | |||||
Return After Taxes on Distributions and Sale of Fund Shares2 | |||||
Morningstar Multi-Asset High Income Index (Index returns do not reflect deductions for fees, expenses, or taxes) |
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 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 an Underlying Fund's securities than is the case with securities trading in a more liquid market. |
■ | An Underlying Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
■ | Government intervention in issuers' operations or structure; |
■ | A lack of market liquidity and market efficiency; |
■ | Greater securities price volatility; |
■ | Exchange rate fluctuations and exchange controls; |
■ | Less availability of public information about issuers; |
■ | Limitations on foreign ownership of securities; |
■ | Imposition of withholding or other taxes; |
■ | Imposition of restrictions on the expatriation of the funds or other assets of an Underlying Fund; |
■ | Higher transaction and custody costs and delays in settlement procedures; |
■ | Difficulties in enforcing contractual obligations; |
■ | Lower levels of regulation of the securities markets; |
■ | Weaker accounting, disclosure and reporting requirements and the risk of being delisted from U.S. exchanges; and |
■ | Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities and stockholders’ rights in markets in which the Underlying Funds may invest may differ from or may not be as extensive or protective as those that apply in the U.S. |
■ | 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 or an Underlying 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 or an Underlying Fund; |
■ | The risk that the Fund's or an Underlying 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 or an Underlying Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and |
■ | The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian issuers of securities in which the Fund invests. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in certain Eastern European countries; |
■ | Risks in connection with the maintenance of the Fund's or Underlying 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 or Underlying Fund; |
■ | The risk that the Fund's or Underlying 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 or Underlying 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. |
Underlying Funds | |
iShares 10-20 Year Treasury Bond ETF | 3.35% |
iShares 20+ Year Treasury Bond ETF | 0.82% |
iShares Emerging Markets Dividend ETF | 7.03% |
iShares iBoxx $ High Yield Corporate Bond ETF | 16.82% |
iShares International Select Dividend ETF | 7.35% |
iShares J.P. Morgan EM Local Currency Bond ETF | 4.01% |
iShares J.P. Morgan USD Emerging Markets Bond ETF | 12.15% |
iShares MBS ETF | 12.63% |
iShares Mortgage Real Estate ETF | 1.92% |
iShares Preferred and Income Securities ETF | 13.00% |
iShares U.S. Real Estate ETF | 2.36% |
BlackRock Cash Funds: Treasury | 0.10% |
BlackRock Cash Funds: Institutional Fund | 18.46% |
iShares Morningstar Multi-Asset Income ETF | |||||||||
Year
Ended 07/31/22 |
Year
Ended 07/31/21 |
Year
Ended 07/31/20 |
Year
Ended 07/31/19 |
Year
Ended 07/31/18 | |||||
Net asset value, beginning of year | $24.32 | $22.91 | $24.96 | $24.87 | $25.63 | ||||
Net investment income(a) | 0.78 | 0.74 | 1.23 | 1.25 | 1.17 | ||||
Net realized and unrealized gain (loss)(b) | (3.82) | 1.54 | (2.02) | 0.16 | (0.71) | ||||
Net increase (decrease) from investment operations | (3.04) | 2.28 | (0.79) | 1.41 | 0.46 | ||||
Distributions(c) | |||||||||
From net investment income | (0.81) | (0.87) | (1.21) | (1.31) | (1.22) | ||||
Return of capital | — | — | (0.05) | (0.01) | — | ||||
Total distributions | (0.81) | (0.87) | (1.26) | (1.32) | (1.22) | ||||
Net asset value, end of year | $20.47 | $24.32 | $22.91 | $24.96 | $24.87 | ||||
Total Return(d) | |||||||||
Based on net asset value | (12.75)% | 10.15% | (3.10)% | 5.92% | 1.85% | ||||
Ratios to Average Net Assets(e) | |||||||||
Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||
Total expenses after fees waived | 0.25% | 0.24% | 0.22% | 0.23% | 0.24% | ||||
Net investment income | 3.44% | 3.16% | 5.15% | 5.14% | 4.65% | ||||
Supplemental Data | |||||||||
Net assets, end of year (000) | $176,041 | $243,191 | $279,450 | $341,893 | $324,618 | ||||
Portfolio turnover rate(f) | 73% | 94% | 66% | 50% | 64% |
(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: | [email protected] |
Write: | c/o
BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |