|
|
FEBRUARY 28, 2023 |
| 2023 Annual Report | ||
iShares Trust
· iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE Arca
· iShares 1-3 Year Treasury Bond ETF | SHY | NASDAQ
· iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ
· iShares 7-10 Year Treasury Bond ETF | IEF | NASDAQ
· iShares 10-20 Year Treasury Bond ETF | TLH | NYSE Arca
· iShares 20+ Year Treasury Bond ETF | TLT | NASDAQ
· iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | Cboe BZX
· iShares Short Treasury Bond ETF | SHV | NASDAQ
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
| Total Returns as of February 28, 2023 | ||||
| 6-Month | 1 2-Month | |||
|
U.S.
large cap equities |
1.26% | (7.69)% | ||
|
U.S.
small cap equities (Russell 2000® Index) |
3.63 | (6.02) | ||
|
International
equities (MSCI Europe, Australasia, Far East Index) |
12.58 | (3.14) | ||
|
Emerging
market equities |
(2.29) | (15.28) | ||
|
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
1.74 | 2.11 | ||
|
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(4.81) | (14.06) | ||
|
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(2.13) | (9.72) | ||
|
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
0.66 | (5.10) | ||
|
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
2.52 | (5.45) | ||
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||||
| 2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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iShares Trust
U.S. Treasury Bond Market Overview
The ICE U.S. Treasury Core Bond Index returned -10.08% for the 12 months ended February 28, 2023 (the “reporting period”), behind the -9.72% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. taxable bond performance.
The poor return for the fixed-income market reflected the backdrop of elevated inflation and rising short-term interest rates. Consumer price inflation—which began to rise in late 2021—took another leg higher following Russia’s invasion of Ukraine in early 2022, with year-over-year increases of over 8% in each month from March to September. While inflation showed signs of cooling in late 2022, it nonetheless remained in a range of 6.4% to 7.5% over the final four months of the period – well above the U.S. Federal Reserve’s (Fed’s) stated target of 2%.
The Fed responded to rising inflation by winding down its stimulative quantitative easing program and beginning to raise interest rates aggressively. The Fed boosted short-term rates eight times over the course of the 12-month period, moving the benchmark fed funds rate from a range of 0.0% - 0.25% to 4.5% - 4.75%. This represented the fastest increase in such a short span of time in decades. In addition, the Fed’s communications repeatedly stated the central bank’s intent to remain steadfast in its commitment to fighting inflation. This approach quashed periodic hopes for a pivot toward a less restrictive policy, and it prompted investors to ratchet up their expectations for the likely “terminal rate;” in other words, the level at which the Fed could stop raising rates. The continued strength of the economy, along with ongoing tightness in the labor market, further fueled expectations that rates would stay “higher for longer.”
These circumstances created significant headwinds for the U.S. Treasury market. The yield on the two-year note rose from 1.43% to 4.82% (as its price fell) over the course of the year, while the 10-year yield climbed from 1.83% to 3.92%. As a result of these moves, the yield curve reached its highest level of inversion (in other words, the extent to which short-term rates exceed longer-term rates) since 1981. Notably, the Treasury market posted its second consecutive calendar year with a negative return in 2022. This marked the first time this had occurred since 1958-59.
Longer-dated bonds were the weakest performers on a total return basis, with the largest losses occurring among issues with maturities of ten years and above. On the other hand, those with maturities in the zero- to three-year range outpaced the broader market.
| 4 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 0-3 Month Treasury Bond ETF |
Investment Objective
The iShares 0-3 Month Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities less than or equal to three months, as represented by the ICE 0-3 Month US Treasury Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
|
|
|
| ||||||||||||||
| 1 Year | Since Inception |
1 Year | Since Inception | |||||||||||||
|
| ||||||||||||||||
|
Fund NAV |
2.25% | 0.84% | 2.25% | 2.34% | ||||||||||||
|
Fund Market |
2.27 | 0.85 | 2.27 | 2.37 | ||||||||||||
|
Index |
1.72 | 0.66 | 1.72 | 1.82 | ||||||||||||
|
| ||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 26, 2020. The first day of secondary market trading was May 28, 2020.
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Historical index data prior to March 01, 2021 is for the 3pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value |
|
|
Ending Account Value |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ | 1,018.00 | $ | 0.20 | $ | 1,000.00 | $ | 1,024.60 | $ | 0.20 | 0.04 | % | ||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
5 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 0-3 Month Treasury Bond ETF |
Portfolio Information
|
MATURITY ALLOCATION
| ||
| Maturity |
Percent of Total Investments(a) | |
|
0-1 Year |
100.0% | |
|
FIVE LARGEST HOLDINGS
| ||
| Security | Percent of Total Investments(a) | |
|
U.S. Treasury Bill, 0.04%, 03/07/23 |
13.8% | |
|
U.S. Treasury Bill, 0.05%, 04/04/23 |
13.5 | |
|
U.S. Treasury Bill, 0.04%, 03/21/23 |
12.7 | |
|
U.S. Treasury Bill, 0.05%, 04/18/23 |
11.2 | |
|
U.S. Treasury Bill, 0.04%, 03/14/23 |
9.3 | |
| (a) |
Excludes money market funds. |
| 6 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 1-3 Year Treasury Bond ETF |
Investment Objective
The iShares 1-3 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and three years, as represented by the ICE U.S. Treasury 1-3 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
|
Fund NAV |
(2.84 | )% | 0.69 | % | 0.51 | % | (2.84 | )% | 3.48 | % | 5.27 | % | ||||||||||||||||
|
Fund Market |
(2.83 | ) | 0.69 | 0.52 | (2.83 | ) | 3.49 | 5.28 | ||||||||||||||||||||
|
Index |
(2.78 | ) | 0.81 | 0.64 | (2.78 | ) | 4.10 | 6.59 | ||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data from February 28, 2020 through April 01, 2016 is for the 3pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 1-3 Year Treasury Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 994.70 | $ 0.74 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
7 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 1-3 Year Treasury Bond ETF |
Portfolio Information
|
MATURITY ALLOCATION
| ||
| Maturity | Percent of Total Investments(a) | |
|
0-1 Year |
0.7% | |
|
1-2 Years |
57.7 | |
|
2-3 Years |
41.6 | |
|
FIVE LARGEST HOLDINGS
| ||
| Security | Percent of Total Investments(a) | |
|
U.S. Treasury Note/Bond, 1.50%, 11/30/24 |
6.1% | |
|
U.S. Treasury Note/Bond, 0.63%, 10/15/24 |
5.8 | |
|
U.S. Treasury Note/Bond, 4.50%, 11/15/25 |
5.3 | |
|
U.S. Treasury Note/Bond, 4.00%, 02/15/26 |
5.0 | |
|
U.S. Treasury Note/Bond, 0.25%, 06/15/24 |
4.8 | |
| (a) |
Excludes money market funds. |
| 8 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 3-7 Year Treasury Bond ETF |
Investment Objective
The iShares 3-7 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between three and seven years, as represented by the ICE U.S. Treasury 3-7 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
|
Fund NAV |
(7.90 | )% | 0.49 | % | 0.60 | % | (7.90 | )% | 2.49 | % | 6.15 | % | ||||||||||||||||
|
Fund Market |
(7.94 | ) | 0.49 | 0.60 | (7.94 | ) | 2.48 | 6.14 | ||||||||||||||||||||
|
Index |
(7.77 | ) | 0.62 | 0.71 | (7.77 | ) | 3.13 | 7.35 | ||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 3-7 Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 3-7 Year Treasury Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 980.00 | $ 0.74 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
9 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 3-7 Year Treasury Bond ETF |
Portfolio Information
|
MATURITY ALLOCATION
| ||
| Maturity |
Percent of Total Investments(a) | |
|
2-3 Years |
0.7% | |
|
3-4 Years |
28.5 | |
|
4-5 Years |
24.1 | |
|
5-6 Years |
34.4 | |
|
6-7 Years |
12.3 | |
|
FIVE LARGEST HOLDINGS
| ||
| Security | Percent of Total Investments(a) | |
|
U.S. Treasury Note/Bond, 2.38%, 05/15/27 |
7.8% | |
|
U.S. Treasury Note/Bond, 2.25%, 02/15/27 |
7.0 | |
|
U.S. Treasury Note/Bond, 2.88%, 08/15/28 |
6.2 | |
|
U.S. Treasury Note/Bond, 2.63%, 02/15/29 |
5.3 | |
|
U.S. Treasury Note/Bond, 0.75%, 08/31/26 |
3.9 | |
| (a) |
Excludes money market funds. |
| 10 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 7-10 Year Treasury Bond ETF |
Investment Objective
The iShares 7-10 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between seven and ten years, as represented by the ICE U.S. Treasury 7-10 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
|
Fund NAV |
(12.83 | )% | 0.34 | % | 0.62 | % | (12.83 | )% | 1.73 | % | 6.43 | % | ||||||||||||||||
|
Fund Market |
(12.90 | ) | 0.34 | 0.62 | (12.90 | ) | 1.73 | 6.43 | ||||||||||||||||||||
|
Index |
(12.65 | ) | 0.46 | 0.72 | (12.65 | ) | 2.34 | 7.46 | ||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 7-10 Year Treasury Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 960.30 | $ 0.73 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
11 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 7-10 Year Treasury Bond ETF |
Portfolio Information
|
MATURITY ALLOCATION
| ||
| Maturity | Percent of Total Investments(a) | |
|
6-7 Years |
1.8% | |
|
7-8 Years |
27.3 | |
|
8-9 Years |
52.3 | |
|
9-10 Years |
18.6 | |
|
FIVE LARGEST HOLDINGS
| ||
| Security |
Percent of Total Investments(a) | |
|
U.S. Treasury Note/Bond, 1.38%, 11/15/31 |
19.0% | |
|
U.S. Treasury Note/Bond, 0.63%, 08/15/30 |
18.1 | |
|
U.S. Treasury Note/Bond, 1.88%, 02/15/32 |
17.4 | |
|
U.S. Treasury Note/Bond, 1.25%, 08/15/31 |
14.8 | |
|
U.S. Treasury Note/Bond, 0.63%, 05/15/30 |
8.4 | |
| (a) |
Excludes money market funds. |
| 12 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 10-20 Year Treasury Bond ETF |
Investment Objective
The iShares 10-20 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between ten and twenty years, as represented by the ICE U.S. Treasury 10-20 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
|
Fund NAV |
(20.90 | )% | (1.24 | )% | 0.15 | % | (20.90 | )% | (6.03 | )% | 1.46 | % | ||||||||||||||||
|
Fund Market |
(21.01 | ) | (1.24 | ) | 0.14 | (21.01 | ) | (6.07 | ) | 1.46 | ||||||||||||||||||
|
Index |
(20.86 | ) | (1.20 | ) | 0.21 | (20.86 | ) | (5.87 | ) | 2.10 | ||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data from July 01, 2016 through March 01, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data prior to July 01, 2016 is for the Barclays U.S. 10-20 Year Treasury Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 944.60 | $ 0.72 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
13 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 10-20 Year Treasury Bond ETF |
Portfolio Information
MATURITY ALLOCATION
| Maturity | Percent
of Total Investments(a) | |
|
6-7 Years |
1.3% | |
|
7-8 Years |
0.1 | |
|
8-9 Years |
2.0 | |
|
9-10 Years |
0.7 | |
|
15-16 Years |
2.2 | |
|
16-17 Years |
6.8 | |
|
17-18 Years |
40.0 | |
|
18-19 Years |
26.7 | |
|
19-20 Years |
20.2 | |
FIVE LARGEST HOLDINGS
| Security | Percent
of Total Investments(a) | |
|
U.S. Treasury Note/Bond, 1.88%, 02/15/41 |
12.8% | |
|
U.S. Treasury Note/Bond, 2.25%, 05/15/41 |
11.7 | |
|
U.S. Treasury Note/Bond, 1.38%, 11/15/40 |
10.0 | |
|
U.S. Treasury Note/Bond, 1.75%, 08/15/41 |
8.6 | |
|
U.S. Treasury Note/Bond, 1.13%, 08/15/40 |
8.4 | |
| (a) |
Excludes money market funds. |
| 14 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 20+ Year Treasury Bond ETF |
Investment Objective
The iShares 20+ Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years, as represented by the ICE U.S. Treasury 20+ Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||
|
Fund NAV |
(25.64 | )% | (1.05 | )% | 0.84 | % | (25.64 | )% | (5.12 | )% | 8.69 | % | ||||||||||||||
|
Fund Market |
(25.50 | ) | (1.02 | ) | 0.85 | (25.50 | ) | (5.01 | ) | 8.78 | ||||||||||||||||
|
Index |
(25.60 | ) | (0.96 | ) | 0.92 | (25.60 | ) | (4.71 | ) | 9.55 | ||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 20+ Year Treasury Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 920.80 | $ 0.71 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
15 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 20+ Year Treasury Bond ETF |
Portfolio Information
|
MATURITY ALLOCATION
|
| |||
|
Maturity |
|
Percent of Total Investments |
(a) | |
|
15-20 Years |
2.2 | % | ||
|
20-25 Years |
32.5 | |||
|
25-30 Years |
65.3 | |||
|
FIVE LARGEST HOLDINGS
|
| |||
|
Security |
|
Percent of Total Investments |
(a) | |
|
U.S. Treasury Note/Bond, 1.88%, 02/15/51 |
11.0 | % | ||
|
U.S. Treasury Note/Bond, 2.00%, 08/15/51 |
7.8 | |||
|
U.S. Treasury Note/Bond, 1.63%, 11/15/50 |
6.9 | |||
|
U.S. Treasury Note/Bond, 3.00%, 02/15/49 |
6.6 | |||
|
U.S. Treasury Note/Bond, 3.00%, 08/15/48 |
6.1 | |||
| (a) |
Excludes money market funds. |
| 16 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 | iShares® 25+ Year Treasury STRIPS Bond ETF |
Investment Objective
The iShares 25+ Year Treasury STRIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the principal payments of U.S. Treasury bonds (specifically principal “STRIPS”, also known as “Separate Trading of Registered Interest and Principal Securities”) with remaining maturities of at least 25 years, as represented by the ICE BofA Long US Treasury Principal STRIPS Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| 1 Year |
Since Inception |
1 Year |
Since Inception |
|||||||||||||||||||
|
|
||||||||||||||||||||||
|
Fund NAV |
(34.23 | )% | (21.65 | )% | (34.23 | )% | (44.85 | )% | ||||||||||||||
|
Fund Market |
(34.32 | ) | (21.69 | ) | (34.32 | ) | (44.91 | ) | ||||||||||||||
|
Index |
(34.69 | ) | (21.91 | ) | (34.69 | ) | (45.30 | ) | ||||||||||||||
|
|
||||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Historical index data prior to March 01, 2021 is for the 3pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 882.20 | $ 0.19 | $ 1,000.00 | $ 1,024.60 | $ 0.20 | 0.04 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
17 |
| Fund Summary as of February 28, 2023 (continued) | iShares® 25+ Year Treasury STRIPS Bond ETF |
Portfolio Information
MATURITY ALLOCATION
| Maturity | Percent
of Total Investments(a) | |
|
20-25 Years |
13.5% | |
|
25-30 Years |
86.5 | |
FIVE LARGEST HOLDINGS
| Security | Percent
of Total Investments(a) | |
|
U.S. Treasury STRIPS, 0.00%, 11/15/50 |
13.9% | |
|
U.S. Treasury STRIPS, 0.00%, 02/15/51 |
13.5 | |
|
U.S. Treasury STRIPS, 0.00%, 08/15/49 |
13.0 | |
|
U.S. Treasury STRIPS, 0.00%, 02/15/52 |
8.9 | |
|
U.S. Treasury STRIPS, 0.00%, 11/15/47 |
8.4 | |
| (a) |
Excludes money market funds. |
| 18 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 2023 |
iShares® Short Treasury Bond ETF |
Investment Objective
The iShares ShortTreasury Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities of one year or less, as represented by the ICE Short US Treasury Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
| 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||
|
Fund NAV |
1.66 | % | 1.24 | % | 0.74 | % | 1.66 | % | 6.34 | % | 7.68 | % | ||||||||||||||
|
Fund Market |
1.68 | 1.24 | 0.74 | 1.68 | 6.35 | 7.69 | ||||||||||||||||||||
|
Index |
1.58 | 1.34 | 0.85 | 1.58 | 6.87 | 8.88 | ||||||||||||||||||||
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE Short US Treasury Securities Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from April 01, 2020 through February 28, 2021 is for the 3pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from July 01, 2016 through April 30, 2020 is for the ICE U.S. Treasury Short Bond Index. Historical index data prior to July 01, 2016 is for the Bloomberg Barclays U.S. Short Treasury Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| |
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||
| $ 1,000.00 | $ 1,015.50 | $ 0.75 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % | |||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
|
F U N D S U M M A R Y |
19 |
| Fund Summary as of February 28, 2023 (continued) |
iShares® Short Treasury Bond ETF |
Portfolio Information
PORTFOLIO COMPOSITION
|
Investment Type |
|
Percent of Total Investments |
(a) | |
|
U. S. Government Obligations |
100.0 | % | ||
FIVE LARGEST HOLDINGS
|
Security |
|
Percent of Total Investments |
(a) | |
|
U.S. Treasury Note/Bond, 0.13%, 08/31/23 |
6.6 | % | ||
|
U.S. Treasury Bill, 0.05%, 12/28/23 |
5.4 | |||
|
U.S. Treasury Bill, 0.04%, 03/14/23 |
5.3 | |||
|
U.S. Treasury Bill, 0.04%, 04/06/23 |
5.2 | |||
|
U.S. Treasury Bill, 0.04%, 03/28/23 |
5.2 | |||
| (a) |
Excludes money market funds. |
| 20 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
|
A B O U T F U N D P E R F O R M A N C E |
21 |
|
February 28, 2023 |
iShares® 0-3 Month Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 94.8% | ||||||||
|
U.S. Treasury Bill |
||||||||
|
0.04%, 03/07/23(a) |
$ | 1,065,444 | $ | 1,064,659,972 | ||||
|
0.04%, 03/09/23(a) |
162,100 | 161,938,305 | ||||||
|
0.04%, 03/21/23(a) |
978,180 | 975,739,852 | ||||||
|
0.04%, 03/30/23(a) |
539,547 | 537,650,902 | ||||||
|
0.05%, 03/14/23(a) |
720,151 | 718,984,219 | ||||||
|
0.05%, 03/28/23(a) |
314,796 | 313,729,392 | ||||||
|
0.05%, 04/04/23(a) |
1,044,276 | 1,039,796,797 | ||||||
|
0.05%, 04/06/23(a) |
325,728 | 324,288,608 | ||||||
|
0.05%, 04/11/23(a) |
652,737 | 649,325,744 | ||||||
|
0.05%, 04/18/23(a) |
867,768 | 862,441,354 | ||||||
|
0.05%, 04/25/23(a) |
314,356 | 312,125,883 | ||||||
|
0.05%, 05/04/23(a) |
505,456 | 501,297,932 | ||||||
|
0.05%, 05/25/23(a) |
239,102 | 236,485,328 | ||||||
|
|
|
|||||||
| 7,698,464,288 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 94.8% |
|
7,698,464,288 | ||||||
|
|
|
|||||||
| Security | Shares (000) |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 5.1% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
417,620 | $ | 417,620,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 5.1% |
|
417,620,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.9% |
|
8,116,084,288 | ||||||
|
Other Assets Less Liabilities — 0.1% |
|
6,843,411 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 8,122,927,699 | |||||
|
|
|
|||||||
| (a) |
Rates are discount rates or a range of discount rates as of period end. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 211,520,000 | $ | 206,100,000 | (a) | $ — | $ | — | $ | — | $ | 417,620,000 | 417,620 | $ | 8,388,074 | (b) | $ | 432 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 7,698,464,288 | $ | — | $ | 7,698,464,288 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
417,620,000 | — | — | 417,620,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 417,620,000 | $ | 7,698,464,288 | $ | — | $ | 8,116,084,288 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 22 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments February 28, 2023 |
iShares® 1-3 Year Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.2% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.25%, 03/15/24 |
$ | 323,533 | $ | 307,609,110 | ||||
|
0.25%, 05/15/24 |
70,344 | 66,348,680 | ||||||
|
0.25%, 06/15/24 |
1,320,967 | 1,241,399,372 | ||||||
|
0.25%, 07/31/25 |
128,389 | 115,670,465 | ||||||
|
0.25%, 08/31/25 |
922,193 | 828,244,588 | ||||||
|
0.25%, 10/31/25 |
266,472 | 237,971,988 | ||||||
|
0.38%, 04/15/24 |
263,084 | 249,508,455 | ||||||
|
0.38%, 07/15/24 |
51,885 | 48,664,482 | ||||||
|
0.38%, 08/15/24 |
270,009 | 252,374,037 | ||||||
|
0.38%, 09/15/24 |
177,428 | 165,354,578 | ||||||
|
0.50%, 03/31/25 |
142,151 | 130,268,065 | ||||||
|
0.63%, 10/15/24 |
1,633,515 | 1,523,699,872 | ||||||
|
0.75%, 11/15/24 |
628,183 | 585,314,416 | ||||||
|
1.00%, 12/15/24 |
859,552 | 802,304,496 | ||||||
|
1.13%, 01/15/25 |
728,491 | 680,200,016 | ||||||
|
1.13%, 02/28/25 |
162,663 | 151,352,838 | ||||||
|
1.50%, 11/30/24 |
1,684,580 | 1,588,835,595 | ||||||
|
1.50%, 02/15/25 |
1,012,735 | 950,230,262 | ||||||
|
1.75%, 03/15/25 |
8,634 | 8,124,729 | ||||||
|
2.00%, 04/30/24 |
37,002 | 35,692,476 | ||||||
|
2.00%, 05/31/24 |
13,406 | 12,901,180 | ||||||
|
2.00%, 02/15/25 |
686,829 | 650,985,112 | ||||||
|
2.00%, 08/15/25 |
157,920 | 148,395,450 | ||||||
|
2.13%, 11/30/23 |
94,569 | 92,511,386 | ||||||
|
2.13%, 02/29/24 |
550,472 | 534,409,398 | ||||||
|
2.13%, 03/31/24 |
1,616 | 1,564,069 | ||||||
|
2.13%, 07/31/24 |
109,215 | 104,829,335 | ||||||
|
2.13%, 09/30/24 |
1 | 957 | ||||||
|
2.13%, 05/15/25 |
498,654 | 471,695,518 | ||||||
|
2.25%, 12/31/23 |
29,262 | 28,573,886 | ||||||
|
2.25%, 03/31/24 |
552,205 | 535,336,860 | ||||||
|
2.25%, 04/30/24 |
102,880 | 99,540,418 | ||||||
|
2.25%, 10/31/24 |
186,386 | 178,311,701 | ||||||
|
2.25%, 11/15/24 |
748,897 | 716,249,771 | ||||||
|
2.25%, 11/15/25 |
557,215 | 524,652,748 | ||||||
|
2.38%, 02/29/24 |
252,029 | 245,265,565 | ||||||
|
2.38%, 08/15/24 |
154,538 | 148,712,642 | ||||||
|
2.50%, 04/30/24 |
920,758 | 893,243,164 | ||||||
|
2.50%, 05/15/24 |
65,380 | 63,370,076 | ||||||
|
2.50%, 05/31/24 |
35,909 | 34,772,817 | ||||||
|
2.50%, 01/31/25 |
29,706 | 28,448,137 | ||||||
|
2.63%, 12/31/23 |
2,694 | 2,639,383 | ||||||
|
2.63%, 03/31/25 |
652 | 624,218 | ||||||
|
2.63%, 04/15/25 |
477,774 | 457,207,320 | ||||||
|
2.75%, 02/15/24 |
5,355 | 5,234,931 | ||||||
|
2.75%, 02/28/25 |
67,427 | 64,822,106 | ||||||
| Security |
Par/ Shares |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
2.75%, 05/15/25 |
$ | 740,186 | $ | 709,508,762 | ||||
|
2.75%, 06/30/25 |
67,752 | 64,891,066 | ||||||
|
2.75%, 08/31/25 |
25,155 | 24,051,521 | ||||||
|
2.88%, 11/30/23 |
43,331 | 42,620,101 | ||||||
|
2.88%, 04/30/25 |
164,147 | 157,856,836 | ||||||
|
2.88%, 05/31/25 |
25,176 | 24,194,529 | ||||||
|
2.88%, 06/15/25 |
679,014 | 652,596,112 | ||||||
|
2.88%, 07/31/25 |
54,691 | 52,520,451 | ||||||
|
3.00%, 06/30/24 |
317,197 | 308,622,769 | ||||||
|
3.00%, 07/31/24 |
184,321 | 179,108,172 | ||||||
|
3.00%, 07/15/25 |
137,778 | 132,659,762 | ||||||
|
3.00%, 09/30/25(a) |
282,330 | 271,389,713 | ||||||
|
3.00%, 10/31/25 |
192,760 | 185,155,017 | ||||||
|
3.13%, 08/15/25 |
281,170 | 271,438,881 | ||||||
|
3.25%, 08/31/24 |
161,891 | 157,723,571 | ||||||
|
3.50%, 09/15/25 |
227,336 | 221,359,550 | ||||||
|
3.88%, 01/15/26 |
866,750 | 851,852,734 | ||||||
|
4.00%, 12/15/25 |
958,228 | 945,426,668 | ||||||
|
4.00%, 02/15/26 |
1,315,500 | 1,297,309,108 | ||||||
|
4.13%, 01/31/25(a) |
144,500 | 142,620,371 | ||||||
|
4.25%, 09/30/24 |
336,396 | 332,598,405 | ||||||
|
4.25%, 10/15/25 |
696,248 | 690,400,603 | ||||||
|
4.38%, 10/31/24 |
670,182 | 663,899,044 | ||||||
|
4.50%, 11/15/25 |
1,391,826 | 1,389,488,164 | ||||||
|
4.63%, 02/28/25 |
347,100 | 345,988,197 | ||||||
|
|
|
|||||||
| 26,128,746,775 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.2% |
|
26,128,746,775 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.9% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
224,923 | 224,923,015 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.9% |
|
224,923,015 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.1% |
|
26,353,669,790 | ||||||
|
Liabilities in Excess of Other Assets — (0.1)% |
|
(14,116,218 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 26,339,553,572 | ||||||
|
|
|
|||||||
| (a) |
All or a portion of this security is on loan. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
| (d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 1,442,791,352 | $ | — | $ | (1,217,868,337 | )(a) | $ | — | $ | — | $ | 224,923,015 | 224,923 | $ | 1,644,501 | (b) | $ | 85 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
23 |
|
Schedule of Investments (continued) February 28, 2023 |
iShares® 1-3 Year Treasury Bond ETF |
Affiliates (continued)
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 26,128,746,775 | $ | — | $ | 26,128,746,775 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
224,923,015 | — | — | 224,923,015 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 224,923,015 | $ | 26,128,746,775 | $ | — | $ | 26,353,669,790 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 24 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments February 28, 2023 |
iShares® 3-7 Year Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.4% | ||||||||
|
U.S. Treasury Note/Bond |
| |||||||
|
0.50%, 02/28/26 |
$ | 30,000 | $ | 26,670,703 | ||||
|
0.50%, 05/31/27 |
3,327 | 2,842,636 | ||||||
|
0.50%, 08/31/27 |
72,072 | 61,131,695 | ||||||
|
0.50%, 10/31/27 |
269,754 | 227,626,011 | ||||||
|
0.63%, 07/31/26 |
220,424 | 194,188,377 | ||||||
|
0.63%, 12/31/27 |
188,696 | 159,506,749 | ||||||
|
0.75%, 03/31/26 |
216,224 | 193,478,249 | ||||||
|
0.75%, 04/30/26 |
305,701 | 272,515,723 | ||||||
|
0.75%, 05/31/26 |
245,537 | 218,307,330 | ||||||
|
0.75%, 08/31/26 |
532,896 | 470,322,350 | ||||||
|
0.75%, 01/31/28 |
145,713 | 123,651,141 | ||||||
|
0.88%, 06/30/26 |
204,462 | 182,226,758 | ||||||
|
0.88%, 09/30/26 |
161,616 | 142,967,030 | ||||||
|
1.00%, 07/31/28 |
425,810 | 361,139,767 | ||||||
|
1.13%, 10/31/26 |
111,316 | 99,158,206 | ||||||
|
1.13%, 02/29/28 |
20,399 | 17,608,480 | ||||||
|
1.13%, 08/31/28 |
440,895 | 375,845,766 | ||||||
|
1.25%, 11/30/26 |
5 | 4,466 | ||||||
|
1.25%, 12/31/26 |
60,002 | 53,502,565 | ||||||
|
1.25%, 03/31/28 |
262,816 | 227,879,951 | ||||||
|
1.25%, 04/30/28 |
151,927 | 131,458,398 | ||||||
|
1.25%, 05/31/28 |
135,928 | 117,386,571 | ||||||
|
1.25%, 06/30/28 |
56,304 | 48,531,408 | ||||||
|
1.25%, 09/30/28 |
462,047 | 395,790,181 | ||||||
|
1.38%, 10/31/28 |
489,021 | 421,131,134 | ||||||
|
1.50%, 08/15/26 |
129,562 | 117,587,636 | ||||||
|
1.50%, 11/30/28 |
43,774 | 37,910,678 | ||||||
|
1.63%, 02/15/26 |
60,000 | 55,270,313 | ||||||
|
1.63%, 05/15/26 |
443,276 | 406,168,675 | ||||||
|
1.63%, 09/30/26 |
62,097 | 56,498,658 | ||||||
|
1.75%, 01/31/29 |
6,844 | 5,994,114 | ||||||
|
2.00%, 11/15/26 |
3,260 | 2,998,436 | ||||||
|
2.13%, 05/31/26 |
163,968 | 152,605,995 | ||||||
|
2.25%, 02/15/27 |
905,816 | 838,269,020 | ||||||
|
2.25%, 08/15/27 |
413,135 | 379,793,717 | ||||||
|
2.25%, 11/15/27 |
107,897 | 98,860,626 | ||||||
|
2.38%, 05/15/27 |
1,006,987 | 933,115,243 | ||||||
|
2.38%, 03/31/29 |
61,247 | 55,507,486 | ||||||
|
2.38%, 05/15/29 |
380,500 | 344,322,775 | ||||||
|
2.50%, 03/31/27 |
2,316 | 2,160,032 | ||||||
|
2.63%, 02/15/29 |
684,268 | 629,900,773 | ||||||
| Security |
Par/ Shares |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
2.63%, 07/31/29 |
$ | 58,155 | $ | 53,325,409 | ||||
|
2.75%, 04/30/27 |
110,332 | 103,845,685 | ||||||
|
2.75%, 07/31/27 |
205,283 | 192,853,755 | ||||||
|
2.75%, 02/15/28 |
316,390 | 296,022,394 | ||||||
|
2.88%, 05/15/28 |
238,615 | 224,055,758 | ||||||
|
2.88%, 08/15/28 |
785,065 | 735,722,440 | ||||||
|
2.88%, 04/30/29 |
22,754 | 21,212,772 | ||||||
|
3.13%, 11/15/28 |
364,377 | 345,403,777 | ||||||
|
3.13%, 08/31/29 |
132,968 | 125,566,461 | ||||||
|
3.25%, 06/30/27 |
2 | 1,919 | ||||||
|
3.25%, 06/30/29 |
53,300 | 50,722,445 | ||||||
|
3.50%, 01/31/30 |
193,021 | 186,416,063 | ||||||
|
3.88%, 09/30/29 |
35,782 | 35,301,179 | ||||||
|
3.88%, 11/30/29 |
255,589 | 252,314,266 | ||||||
|
3.88%, 12/31/29 |
60,798 | 60,057,024 | ||||||
|
4.00%, 02/29/28 |
200,000 | 198,515,624 | ||||||
|
4.00%, 10/31/29 |
29,552 | 29,377,689 | ||||||
|
4.00%, 02/28/30 |
260,000 | 259,025,000 | ||||||
|
4.13%, 10/31/27 |
81,771 | 81,362,145 | ||||||
|
5.50%, 08/15/28 |
12,092 | 12,849,639 | ||||||
|
U.S. Treasury STRIPS, 0.00%, 02/15/29(a) |
32,055 | 25,080,933 | ||||||
|
|
|
|||||||
| 11,930,868,199 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.4% |
|
11,930,868,199 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.5% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
63,280 | 63,280,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.5% |
|
63,280,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.9% |
|
11,994,148,199 | ||||||
|
Other Assets Less Liabilities — 0.1% |
|
13,615,639 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 12,007,763,838 | |||||
|
|
|
|||||||
| (a) |
Zero-coupon bond. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock
Cash Funds: Treasury, |
$ | 17,828,269 | $ | 45,451,731 | (a) | $ | — | $ | — | $ | — | $ | 63,280,000 | 63,280 | $ | 502,919 | (b) | $ | 5 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
|
S C H E D U L E O F I N V E S T M E N T S |
25 |
|
Schedule of Investments (continued) February 28, 2023 |
iShares® 3-7 Year Treasury Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 11,930,868,199 | $ | — | $ | 11,930,868,199 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
63,280,000 | — | — | 63,280,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 63,280,000 | $ | 11,930,868,199 | $ | — | $ | 11,994,148,199 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 26 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments February 28, 2023 |
iShares® 7-10 Year Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.4% | ||||||||
|
U.S.
Treasury Note/Bond |
$ | 2,423,209 | $ | 1,916,607,185 | ||||
|
0.63%, 08/15/30 |
5,253,281 | 4,131,623,136 | ||||||
|
0.88%, 11/15/30 |
222,118 | 177,486,164 | ||||||
|
1.25%, 08/15/31 |
4,155,374 | 3,368,612,358 | ||||||
|
1.38%, 11/15/31 |
5,340,670 | 4,347,430,321 | ||||||
|
1.50%, 02/15/30 |
441,483 | 374,881,148 | ||||||
|
1.63%, 05/15/31 |
311,714 | 262,058,932 | ||||||
|
1.88%, 02/15/32 |
4,685,887 | 3,969,641,862 | ||||||
|
2.38%, 05/15/29 |
8,213 | 7,432,123 | ||||||
|
2.63%, 02/15/29 |
10,572 | 9,732,022 | ||||||
|
2.63%, 07/31/29 |
10,572 | 9,694,028 | ||||||
|
2.75%, 08/15/32 |
705,040 | 640,705,100 | ||||||
|
2.88%, 05/15/32 |
1,968,409 | 1,810,321,152 | ||||||
|
3.13%, 08/31/29 |
10,572 | 9,983,520 | ||||||
|
3.50%, 02/15/33 |
669,864 | 647,779,421 | ||||||
|
3.88%, 09/30/29 |
956 | 943,154 | ||||||
|
4.13%, 11/15/32 |
1,142,500 | 1,160,708,594 | ||||||
|
|
|
|||||||
| 22,845,640,220 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.4% |
|
22,845,640,220 | ||||||
|
|
|
|||||||
| Security | Shares (000) |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 1.3% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
294,890 | $ | 294,890,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 1.3% |
|
294,890,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.7% |
|
23,140,530,220 | ||||||
|
Liabilities in Excess of Other Assets — (0.7)% |
|
(158,759,793 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 22,981,770,427 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock
Cash Funds: |
$16,339,000 |
$ | 278,551,000 | (a) | $— | $ | — | $ | — | $ | 294,890,000 | 294,890 | $ | 2,439,693 | (b) | $ | 122 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 22,845,640,220 | $ | — | $ | 22,845,640,220 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
294,890,000 | — | — | 294,890,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 294,890,000 | $ | 22,845,640,220 | $ | — | $ | 23,140,530,220 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
27 |
|
Schedule of Investments February 28, 2023 |
iShares® 10-20 Year Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 98.4% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
0.63%, 08/15/30 |
$ | 15,240 | $ | 11,986,022 | ||||
|
1.13%, 05/15/40 |
194,056 | 122,823,804 | ||||||
|
1.13%, 08/15/40 |
1,090,706 | 686,931,502 | ||||||
|
1.38%, 11/15/31 |
193,555 | 157,558,633 | ||||||
|
1.38%, 11/15/40 |
1,236,319 | 812,348,509 | ||||||
|
1.75%, 08/15/41 |
1,010,572 | 700,294,816 | ||||||
|
1.88%, 02/15/32 |
2,537 | 2,149,216 | ||||||
|
1.88%, 02/15/41 |
1,458,866 | 1,042,690,278 | ||||||
|
2.00%, 11/15/41 |
712,635 | 515,073,939 | ||||||
|
2.25%, 05/15/41 |
1,247,724 | 948,026,851 | ||||||
|
2.38%, 02/15/42 |
3,199 | 2,462,355 | ||||||
|
2.75%, 08/15/32 |
24,682 | 22,429,767 | ||||||
|
2.75%, 08/15/42 |
677,708 | 552,252,599 | ||||||
|
2.88%, 04/30/29 |
12,200 | 11,373,641 | ||||||
|
2.88%, 05/15/32 |
24,482 | 22,515,789 | ||||||
|
3.00%, 05/15/42 |
1,712 | 1,457,006 | ||||||
|
3.13%, 08/31/29 |
104,325 | 98,517,847 | ||||||
|
3.13%, 11/15/41 |
1,712 | 1,496,395 | ||||||
|
3.13%, 02/15/42 |
1,712 | 1,489,908 | ||||||
|
3.25%, 05/15/42 |
73,647 | 65,094,167 | ||||||
|
3.38%, 08/15/42 |
465,596 | 419,181,899 | ||||||
|
3.50%, 02/15/39 |
1,712 | 1,612,156 | ||||||
|
3.75%, 08/15/41 |
1,712 | 1,643,052 | ||||||
|
3.88%, 08/15/40 |
515,476 | 505,710,147 | ||||||
|
3.88%, 02/15/43 |
161,900 | 157,068,297 | ||||||
|
4.00%, 11/15/42 |
459,500 | 452,966,484 | ||||||
|
4.25%, 05/15/39 |
1,712 | 1,763,561 | ||||||
|
4.25%, 11/15/40 |
1,712 | 1,760,618 | ||||||
|
4.38%, 02/15/38 |
1,712 | 1,793,186 | ||||||
|
4.38%, 11/15/39 |
405,276 | 423,924,608 | ||||||
|
4.38%, 05/15/40 |
1,712 | 1,785,763 | ||||||
| Security |
Par/ Shares |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
4.38%, 05/15/41 |
$ | 1,712 | $ | 1,788,037 | ||||
|
4.50%, 02/15/36 |
1,712 | 1,827,627 | ||||||
|
4.50%, 05/15/38 |
170,192 | 180,549,780 | ||||||
|
4.50%, 08/15/39 |
1,712 | 1,815,857 | ||||||
|
4.63%, 02/15/40 |
117,738 | 126,807,505 | ||||||
|
4.75%, 02/15/37 |
1,712 | 1,871,965 | ||||||
|
4.75%, 02/15/41 |
1,712 | 1,871,497 | ||||||
|
5.00%, 05/15/37 |
1,712 | 1,913,962 | ||||||
|
U.S.
Treasury STRIPS |
5,457 | 2,648,862 | ||||||
|
0.00%, 02/15/41(a) |
161,022 | 77,241,448 | ||||||
|
0.00%, 05/15/41(a) |
3,404 | 1,616,511 | ||||||
|
|
|
|||||||
| 8,148,135,866 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.4% |
|
8,148,135,866 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 1.7% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
140,170 | 140,170,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 1.7% |
|
140,170,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.1% |
|
8,288,305,866 | ||||||
|
Liabilities in Excess of Other Assets — (0.1)% |
|
(10,382,293 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 8,277,923,573 | ||||||
|
|
|
|||||||
| (a) |
Zero-coupon bond. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 24,350,000 | $ | 115,820,000 | (a) | $ | — | $ | — | $ | — | $ | 140,170,000 | 140,170 | $ | 2,238,122 | (b) | $ | 105 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| 28 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) February 28, 2023 |
iShares® 10-20 Year Treasury Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 8,148,135,866 | $ | — | $ | 8,148,135,866 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
140,170,000 | — | — | 140,170,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 140,170,000 | $ | 8,148,135,866 | $ | — | $ | 8,288,305,866 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
|
Schedule of Investments February 28, 2023 |
iShares® 20+ Year Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 98.7% | ||||||||
|
U.S. Treasury Note/Bond |
||||||||
|
1.25%, 05/15/50 |
$ | 421,802 | $ | 233,984,772 | ||||
|
1.38%, 08/15/50 |
997,581 | 571,816,542 | ||||||
|
1.63%, 11/15/50 |
3,371,620 | 2,065,775,516 | ||||||
|
1.88%, 02/15/51 |
5,041,232 | 3,291,373,086 | ||||||
|
1.88%, 11/15/51 |
2,598,213 | 1,689,853,624 | ||||||
|
2.00%, 02/15/50 |
2,031,170 | 1,373,895,812 | ||||||
|
2.00%, 08/15/51 |
3,452,965 | 2,320,905,172 | ||||||
|
2.25%, 08/15/49 |
1,415,497 | 1,015,231,829 | ||||||
|
2.25%, 02/15/52 |
470,564 | 335,515,807 | ||||||
|
2.38%, 11/15/49 |
428 | 315,616 | ||||||
|
2.50%, 02/15/45 |
105,550 | 80,634,427 | ||||||
|
2.50%, 02/15/46 |
1,672,006 | 1,270,659,631 | ||||||
|
2.50%, 05/15/46 |
1,613,170 | 1,225,819,849 | ||||||
|
2.75%, 11/15/42 |
17,095 | 13,893,108 | ||||||
|
2.75%, 08/15/47 |
1,956 | 1,555,103 | ||||||
|
2.75%, 11/15/47 |
650,686 | 517,371,783 | ||||||
|
2.88%, 05/15/43 |
1,576,941 | 1,304,549,488 | ||||||
|
2.88%, 08/15/45 |
802,417 | 654,408,518 | ||||||
|
2.88%, 11/15/46 |
598,806 | 487,910,263 | ||||||
|
2.88%, 05/15/49 |
123 | 100,264 | ||||||
|
2.88%, 05/15/52 |
213,456 | 174,792,115 | ||||||
|
3.00%, 11/15/44 |
109,136 | 91,286,714 | ||||||
|
3.00%, 02/15/47 |
538,845 | 448,504,351 | ||||||
|
3.00%, 02/15/48 |
1,733,738 | 1,445,097,454 | ||||||
|
3.00%, 08/15/48 |
2,187,718 | 1,825,889,964 | ||||||
|
3.00%, 02/15/49 |
2,366,466 | 1,980,066,557 | ||||||
|
3.00%, 08/15/52 |
364,120 | 306,088,375 | ||||||
| Security |
Par/ Shares (000) |
Value | ||||||
|
|
||||||||
| U.S. Government Obligations (continued) | ||||||||
|
3.13%, 02/15/43 |
$ | 276,075 | $ | 237,888,393 | ||||
|
3.13%, 08/15/44 |
1,591,715 | 1,361,102,772 | ||||||
|
3.13%, 05/15/48 |
1,059,225 | 904,189,128 | ||||||
|
3.63%, 08/15/43 |
688,991 | 641,487,929 | ||||||
|
3.63%, 02/15/53 |
441,600 | 420,417,000 | ||||||
|
3.75%, 11/15/43 |
230,496 | 218,430,596 | ||||||
|
4.00%, 11/15/42 |
413,217 | 407,341,571 | ||||||
|
4.00%, 11/15/52 |
1,041,232 | 1,059,778,945 | ||||||
|
|
|
|||||||
| 29,977,932,074 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.7% |
|
29,977,932,074 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
|
Money Market Funds — 1.5% |
||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(a)(b) |
456,920 | 456,920,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 1.5% |
|
456,920,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.2% |
|
30,434,852,074 | ||||||
|
Liabilities in Excess of Other Assets — (0.2)% |
|
(69,911,092 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 30,364,940,982 | |||||
|
|
|
|||||||
| (a) |
Affiliate of the Fund. |
| (b) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital Gain Distributions from Underlying Funds |
| ||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 277,966,875 | $ | 178,953,125 | (a) | $ | — | $ | — | $ | — | $ | 456,920,000 | 456,920 | $ | 4,103,756 | (b) | $ | 147 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 29,977,932,074 | $ | — | $ | 29,977,932,074 | ||||||||
| 30 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (continued) February 28, 2023 |
iShares® 20+ Year Treasury Bond ETF |
Fair Value Hierarchy as of Period End (continued)
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
$ | 456,920,000 | $ | — | $ | — | $ | 456,920,000 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 456,920,000 | $ | 29,977,932,074 | $ | — | $ | 30,434,852,074 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
|
Schedule of Investments February 28, 2023 |
iShares® 25+ Year Treasury STRIPS Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 99.7% | ||||||||
|
U.S.
Treasury STRIPS |
$ | 38,176 | $ | 14,396,222 | ||||
|
0.00%, 11/15/47(a) |
62,722 | 23,501,984 | ||||||
|
0.00%, 05/15/48(a) |
420 | 155,441 | ||||||
|
0.00%, 08/15/48(a) |
1,928 | 709,696 | ||||||
|
0.00%, 11/15/48(a) |
3,892 | 1,428,488 | ||||||
|
0.00%, 02/15/49(a) |
39,377 | 14,370,823 | ||||||
|
0.00%, 05/15/49(a) |
6,921 | 2,514,720 | ||||||
|
0.00%, 08/15/49(a) |
101,758 | 36,575,578 | ||||||
|
0.00%, 11/15/49(a) |
9,181 | 3,287,141 | ||||||
|
0.00%, 02/15/50(a) |
29,592 | 10,507,384 | ||||||
|
0.00%, 05/15/50(a) |
10,668 | 3,763,712 | ||||||
|
0.00%, 08/15/50(a) |
48,682 | 17,056,481 | ||||||
|
0.00%, 11/15/50(a) |
112,075 | 38,926,532 | ||||||
|
0.00%, 02/15/51(a) |
110,200 | 38,029,956 | ||||||
|
0.00%, 05/15/51(a) |
12,608 | 4,313,942 | ||||||
|
0.00%, 08/15/51(a) |
53,073 | 18,057,347 | ||||||
|
0.00%, 11/15/51(a) |
41,414 | 13,985,304 | ||||||
|
0.00%, 02/15/52(a) |
74,352 | 24,974,544 | ||||||
|
0.00%, 05/15/52(a) |
12,958 | 4,335,386 | ||||||
|
0.00%, 08/15/52(a) |
12,938 | 4,304,594 | ||||||
|
0.00%, 11/15/52(a) |
17,842 | 6,003,764 | ||||||
|
|
|
|||||||
| 281,199,039 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.7% |
|
281,199,039 | ||||||
|
|
|
|||||||
| Security | Shares (000) |
Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.0% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
20 | $ | 20,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.0% |
|
20,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.7% |
|
281,219,039 | ||||||
|
Other Assets Less Liabilities — 0.3% |
|
759,639 | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 281,978,678 | |||||
|
|
|
|||||||
| (a) |
Zero-coupon bond. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock
Cash Funds: Treasury, |
$ | 240,000 | $ | — | $ | (220,000 | )(a) | $ | — | $ | — | $ | 20,000 | 20 | $ | 5,488 | (b) | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 281,199,039 | $ | — | $ | 281,199,039 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
20,000 | — | — | 20,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 20,000 | $ | 281,199,039 | $ | — | $ | 281,219,039 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 32 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments February 28, 2023 |
iShares® Short Treasury Bond ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations |
||||||||
| U.S. Government Obligations — 95.0% | ||||||||
|
U.S.
Treasury Bill |
$ | 10 | $ | 9,974 | ||||
|
0.03%, 04/20/23(a) |
10 | 9,936 | ||||||
|
0.03%, 07/13/23(a) |
1,000 | 982,315 | ||||||
|
0.04%, 03/02/23(a) |
463,882 | 463,825,648 | ||||||
|
0.04%, 03/07/23(a) |
184,588 | 184,452,167 | ||||||
|
0.04%, 03/16/23(a) |
420,445 | 419,658,856 | ||||||
|
0.04%, 03/21/23(a) |
250,000 | 249,376,355 | ||||||
|
0.04%, 04/13/23(a) |
195,298 | 194,256,146 | ||||||
|
0.05%, 03/14/23(a) |
1,197,670 | 1,195,729,547 | ||||||
|
0.05%, 03/28/23(a) |
1,174,744 | 1,170,763,674 | ||||||
|
0.05%, 04/06/23(a) |
1,178,200 | 1,172,993,534 | ||||||
|
0.05%, 04/11/23 |
743,518 | 739,632,315 | ||||||
|
0.05%, 04/18/23(a) |
603,880 | 600,173,185 | ||||||
|
0.05%, 04/25/23(a) |
116,155 | 115,330,969 | ||||||
|
0.05%, 04/27/23(a) |
237,015 | 235,269,508 | ||||||
|
0.05%, 05/04/23(a) |
871,600 | 864,429,896 | ||||||
|
0.05%, 05/09/23(a) |
595,823 | 590,548,888 | ||||||
|
0.05%, 05/18/23(a) |
496,176 | 491,163,590 | ||||||
|
0.05%, 05/23/23 |
482,412 | 477,262,387 | ||||||
|
0.05%, 05/25/23(a) |
467,599 | 462,481,713 | ||||||
|
0.05%, 06/13/23 |
877,560 | 865,492,576 | ||||||
|
0.05%, 06/15/23(a)(b) |
118,605 | 116,968,789 | ||||||
|
0.05%, 07/06/23(a) |
1,178,200 | 1,158,477,745 | ||||||
|
0.05%, 08/03/23 |
616,452 | 603,788,960 | ||||||
|
0.05%, 08/17/23 |
874,880 | 855,004,319 | ||||||
|
0.05%, 08/31/23 |
501,265 | 488,779,973 | ||||||
|
0.05%, 11/02/23(a)(b) |
783,232 | 757,892,549 | ||||||
|
0.05%, 12/28/23(b) |
1,276,351 | 1,225,813,167 | ||||||
|
0.05%, 01/25/24(b) |
612,168 | 585,753,545 | ||||||
|
U.S.
Treasury Note/Bond |
588,506 | 567,353,052 | ||||||
|
0.13%, 03/31/23 |
368,144 | 366,753,104 | ||||||
|
0.13%, 04/30/23 |
1,034,637 | 1,026,574,860 | ||||||
|
0.13%, 05/15/23 |
100 | 99,030 | ||||||
|
0.13%, 05/31/23 |
9,100 | 8,992,306 | ||||||
|
0.13%, 06/30/23 |
10 | 9,841 | ||||||
|
0.13%, 07/15/23(b) |
636,994 | 625,348,953 | ||||||
|
0.13%, 07/31/23 |
5,855 | 5,737,214 | ||||||
|
0.13%, 08/15/23 |
339,027 | 331,465,108 | ||||||
|
0.13%, 08/31/23 |
1,533,897 | 1,496,987,603 | ||||||
| Security |
Par/ Shares (000) |
Value | ||||||
|
|
||||||||
|
U.S. Government Obligations (continued) |
| |||||||
|
0.13%, 10/15/23 |
$ | 29,072 | $ | 28,195,298 | ||||
|
0.25%, 04/15/23 |
122,679 | 122,000,347 | ||||||
|
0.25%, 06/15/23 |
1,610 | 1,588,303 | ||||||
|
0.25%, 09/30/23 |
77,220 | 75,081,368 | ||||||
|
0.50%, 03/15/23 |
100 | 99,839 | ||||||
|
0.75%, 12/31/23 |
55,338 | 53,373,069 | ||||||
|
1.38%, 06/30/23 |
369,861 | 365,468,901 | ||||||
|
1.50%, 03/31/23 |
100 | 99,737 | ||||||
|
1.63%, 04/30/23 |
15,170 | 15,088,598 | ||||||
|
1.63%, 05/31/23 |
8,597 | 8,526,715 | ||||||
|
1.75%, 05/15/23 |
462,323 | 459,403,611 | ||||||
|
2.50%, 03/31/23 |
11,477 | 11,456,050 | ||||||
|
2.50%, 08/15/23 |
5,000 | 4,942,969 | ||||||
|
2.75%, 04/30/23(b) |
409,796 | 408,376,606 | ||||||
|
2.75%, 05/31/23 |
35,083 | 34,892,454 | ||||||
|
2.75%, 07/31/23 |
81,595 | 80,842,796 | ||||||
|
2.75%, 08/31/23 |
65,263 | 64,528,791 | ||||||
|
2.88%, 09/30/23 |
116,045 | 114,585,372 | ||||||
|
|
|
|||||||
| 22,564,194,121 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 95.0% |
|
22,564,194,121 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
|
|||||||
| Money Market Funds — 18.6% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)(e) |
4,407,804 | 4,407,803,970 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 18.6% |
|
4,407,803,970 | ||||||
|
|
|
|||||||
|
Total
Investments — 113.6% |
|
26,971,998,091 | ||||||
|
Liabilities in Excess of Other Assets — (13.6)% |
|
(3,229,339,303 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 23,742,658,788 | |||||
|
|
|
|||||||
| (a) |
Rates are discount rates or a range of discount rates as of period end. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer |
Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain Distributions from Underlying Funds |
| ||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 890,548,750 | $ | 3,517,255,220 | (a) | $ | — | $ | — | $ | — | $ | 4,407,803,970 | 4,407,804 | $ | 31,207,468 | (b) | $ | 1,003 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
|
S C H E D U L E O F I N V E S T M E N T S |
33 |
|
Schedule of Investments (continued) February 28, 2023 |
iShares® Short Treasury Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
U.S. Government Obligations |
$ | — | $ | 22,564,194,121 | $ | — | $ | 22,564,194,121 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
4,407,803,970 | — | — | 4,407,803,970 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 4,407,803,970 | $ | 22,564,194,121 | $ | — | $ | 26,971,998,091 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 34 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities
February 28, 2023
|
iShares 0-3 Month Treasury Bond ETF |
iShares 1-3 Year Treasury Bond ETF |
iShares 3-7 Year Treasury Bond ETF |
iShares 7-10 Year Treasury Bond ETF |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 7,698,464,288 | $ | 26,128,746,775 | $ | 11,930,868,199 | $ | 22,845,640,220 | ||||||||
|
Investments, at value — affiliated(c) |
417,620,000 | 224,923,015 | 63,280,000 | 294,890,000 | ||||||||||||
|
Cash |
26,685 | 2,428 | 9,659 | 5,228 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
— | 1,680,799,027 | 429,898,447 | 259,411,793 | ||||||||||||
|
Securities lending income — affiliated |
26,682 | 190,612 | — | — | ||||||||||||
|
Capital shares sold |
6,154,266 | — | — | 786,839 | ||||||||||||
|
Dividends — affiliated |
853,584 | 102,647 | 143,700 | 812,385 | ||||||||||||
|
Interest — unaffiliated |
19,632 | 136,776,929 | 42,559,241 | 67,058,858 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
8,123,165,137 | 28,171,541,433 | 12,466,759,246 | 23,468,605,323 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
— | 183,553,015 | — | — | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
— | 1,645,340,322 | 457,546,041 | 484,146,394 | ||||||||||||
|
Investment advisory fees |
237,438 | 3,094,524 | 1,449,367 | 2,688,502 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
237,438 | 1,831,987,861 | 458,995,408 | 486,834,896 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 8,122,927,699 | $ | 26,339,553,572 | $ | 12,007,763,838 | $ | 22,981,770,427 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 8,099,838,324 | $ | 27,735,402,642 | $ | 13,465,969,136 | $ | 27,215,568,037 | ||||||||
|
Accumulated earnings (loss) |
23,089,375 | (1,395,849,070 | ) | (1,458,205,298 | ) | (4,233,797,610 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 8,122,927,699 | $ | 26,339,553,572 | $ | 12,007,763,838 | $ | 22,981,770,427 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSET VALUE |
||||||||||||||||
|
Shares outstanding |
80,900,000 | 325,300,000 | 104,900,000 | 240,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 100.41 | $ | 80.97 | $ | 114.47 | $ | 95.72 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 7,698,417,018 | $ | 27,037,518,511 | $ | 13,077,801,667 | $ | 25,304,141,697 | ||||||||
|
(b) Securities loaned, at value |
$ | — | $ | 178,935,990 | $ | — | $ | — | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 417,620,000 | $ | 224,923,015 | $ | 63,280,000 | $ | 294,890,000 | ||||||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
35 |
Statements of Assets and Liabilities (continued)
February 28, 2023
|
iShares 10-20 Year Treasury Bond ETF |
iShares 20+ Year Treasury Bond ETF |
iShares 25+ Year Treasury STRIPS Bond ETF |
iShares Short Treasury Bond ETF |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 8,148,135,866 | $ | 29,977,932,074 | $ | 281,199,039 | $ | 22,564,194,121 | ||||||||
|
Investments, at value — affiliated(c) |
140,170,000 | 456,920,000 | 20,000 | 4,407,803,970 | ||||||||||||
|
Cash |
8,186 | 9,046 | 7,259 | 20,038,384 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
109,785,281 | 227,235,403 | 978,243 | — | ||||||||||||
|
Securities lending income — affiliated |
712 | 18 | — | 142,020 | ||||||||||||
|
Capital shares sold |
256,438 | 8,094,933 | — | 35,230,660 | ||||||||||||
|
Dividends — affiliated |
399,667 | 1,141,159 | 874 | 3,185,085 | ||||||||||||
|
Interest — unaffiliated |
37,725,021 | 124,867,821 | — | 10,355,123 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
8,436,481,171 | 30,796,200,454 | 282,205,415 | 27,040,949,363 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
— | — | — | 2,779,183,970 | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
157,643,252 | 426,958,802 | — | 511,930,613 | ||||||||||||
|
Capital shares redeemed |
— | 805,975 | 216,587 | 4,924,653 | ||||||||||||
|
Investment advisory fees |
914,346 | 3,494,695 | 10,150 | 2,251,339 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
158,557,598 | 431,259,472 | 226,737 | 3,298,290,575 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 8,277,923,573 | $ | 30,364,940,982 | $ | 281,978,678 | $ | 23,742,658,788 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||