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OCTOBER 31, 2023 |
2023 Annual Report
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iShares Trust
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iShares iBonds Dec 2023 Term Treasury ETF | IBTD | NASDAQ |
· |
iShares iBonds Dec 2024 Term Treasury ETF | IBTE | NASDAQ |
· |
iShares iBonds Dec 2025 Term Treasury ETF | IBTF | NASDAQ |
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iShares iBonds Dec 2026 Term Treasury ETF | IBTG | NASDAQ |
· |
iShares iBonds Dec 2027 Term Treasury ETF | IBTH | NASDAQ |
· |
iShares iBonds Dec 2028 Term Treasury ETF | IBTI | NASDAQ |
· |
iShares iBonds Dec 2029 Term Treasury ETF | IBTJ | NASDAQ |
· |
iShares iBonds Dec 2030 Term Treasury ETF | IBTK | NASDAQ |
· |
iShares iBonds Dec 2031 Term Treasury ETF | IBTL | NASDAQ |
· |
iShares iBonds Dec 2032 Term Treasury ETF | IBTM | NASDAQ |
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iShares iBonds Dec 2033 Term Treasury ETF | IBTO | NASDAQ |
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.
While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
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 October 31, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) |
1.39% | 10.14% | ||
U.S. small cap equities (Russell 2000® Index) |
(5.29) | (8.56) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
(7.88) | 14.40 | ||
Emerging market equities (MSCI Emerging Markets Index) |
(4.78) | 10.80 | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.63 | 4.77 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(9.70) | (3.25) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(6.13) | 0.36 | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
(4.65) | 2.64 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
0.02 | 6.23 |
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
U.S. Treasuries finished with a negative return of -0.62% in the 12 months ended October 31, 2023 (the “reporting period”), as gauged by the ICE U.S. Treasury Core Bond Index. The poor performance represented a continuation of a market downturn that started in mid-2020.
Several factors played a role in the weakness in government bonds. When the reporting period began, the bond market was seeing support from a decline in inflation off of the peak that was reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.
The Treasury market was also affected by mounting worries about the U.S. government’s rising debt load. The debt ceiling agreement of June 2023 led to a sharp increase in government debt over the following weeks, creating the need for greater U.S. Treasury issuance. Coming at a time in which central banks—particularly those of China and Japan—were selling U.S. Treasuries, the prospect of higher issuance raised concerns that an unfavorable balance of supply and demand would remain a headwind for the market.
In this environment, yields moved higher across the maturity spectrum (as prices fell). The two-year note moved from 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. Notably, the yield curve was inverted for much of the period – meaning that yields on short-term debt were higher than those on longer-term bonds. At the peak of inversion in late June, the two-year yield was 1.08 percentage points above that on the 10-year issue. Investors typically view an inverted yield curve as a precursor to a recession.
Bonds with maturities of ten years and above, which are most sensitive to interest-rate movements, lagged the broader market. On the other hand, issues in the three- to-seven-year maturity range outperformed in relative terms.
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 October 31, 2023 | iShares® iBonds® Dec 2023 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US Treasury 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 |
4.78 | % | 1.41 | % | 4.78 | % | 5.29 | % | ||||||||||||
Fund Market |
4.61 | 1.39 | 4.61 | 5.23 | ||||||||||||||||
Index |
4.20 | 1.31 | 4.20 | 4.89 |
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,025.50 | $ 0.26 | $ 1,000.00 | $ 1,025.00 | $ 0.26 | 0.05 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2023 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent of Net Assets |
|||
Aaa |
26.0 | % | ||
Short-Term and Other Assets |
74.0 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 2.88%, 11/30/23 |
8.5 | % | ||
U.S. Treasury Note/Bond, 0.13%, 12/15/23 |
5.3 | |||
U.S. Treasury Note/Bond, 0.50%, 11/30/23 |
3.9 | |||
U.S. Treasury Note/Bond, 2.75%, 11/15/23 |
3.4 | |||
U.S. Treasury Note/Bond, 0.25%, 11/15/23 |
2.1 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2024 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2024 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Treasury 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 |
3.98 | % | 0.35 | % | 3.98 | % | 1.29 | % | ||||||||||||
Fund Market |
4.01 | 0.36 | 4.01 | 1.35 | ||||||||||||||||
Index |
4.05 | 0.40 | 4.05 | 1.46 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,017.10 | $ 0.36 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2024 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent
of Net Assets |
|||
Aaa |
96.0 | % | ||
Not Rated |
2.3 | |||
Short-Term and Other Assets |
1.7 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 0.38%, 09/15/24 |
7.1 | % | ||
U.S. Treasury Note/Bond, 1.50%, 09/30/24 |
7.0 | |||
U.S. Treasury Note/Bond, 2.25%, 04/30/24 |
7.0 | |||
U.S. Treasury Note/Bond, 0.25%, 03/15/24 |
6.2 | |||
U.S. Treasury Note/Bond, 0.75%, 11/15/24 |
6.1 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2025 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2025 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Treasury 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 |
3.28 | % | (0.61 | )% | 3.28 | % | (2.24 | )% | ||||||||||||
Fund Market |
3.35 | (0.59 | ) | 3.35 | (2.16 | ) | ||||||||||||||
Index |
3.31 | (0.58 | ) | 3.31 | (2.10 | ) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,001.20 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2025 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent of Net Assets |
|||
Aaa |
97.8 | % | ||
Short-Term and Other Assets |
2.2 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 0.25%, 08/31/25 |
7.7 | % | ||
U.S. Treasury Note/Bond, 2.88%, 06/15/25 |
7.1 | |||
U.S. Treasury Note/Bond, 0.25%, 05/31/25 |
7.0 | |||
U.S. Treasury Note/Bond, 0.38%, 11/30/25 |
6.5 | |||
U.S. Treasury Note/Bond, 3.00%, 09/30/25 |
6.4 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2026 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Treasury 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 |
3.01 | % | (1.36 | )% | 3.01 | % | (4.92 | )% | ||||||||||||
Fund Market |
3.07 | (1.34 | ) | 3.07 | (4.84 | ) | ||||||||||||||
Index |
3.05 | (1.34 | ) | 3.05 | (4.83 | ) |
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 987.60 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2026 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent of Net Assets |
|||
Aaa |
92.0 | % | ||
Not Rated |
6.7 | |||
Short-Term and Other Assets |
1.3 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 0.88%, 06/30/26 |
7.8 | % | ||
U.S. Treasury Note/Bond, 0.75%, 03/31/26 |
7.6 | |||
U.S. Treasury Note/Bond, 0.75%, 05/31/26 |
7.5 | |||
U.S. Treasury Note/Bond, 1.50%, 08/15/26 |
6.8 | |||
U.S. Treasury Note/Bond, 0.50%, 02/28/26 |
6.4 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2027 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Treasury 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 |
2.13 | % | (2.23 | )% | 2.13 | % | (7.98 | )% | ||||||||||||
Fund Market |
2.21 | (2.20 | ) | 2.21 | (7.88 | ) | ||||||||||||||
Index |
2.15 | (2.19 | ) | 2.15 | (7.83 | ) |
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 973.30 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2027 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent
of Net Assets |
|||
Aaa |
92.4 | % | ||
Not Rated |
6.4 | |||
Short-Term and Other Assets |
1.2 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 3.25%, 06/30/27 |
7.5 | % | ||
U.S. Treasury Note/Bond, 2.75%, 07/31/27 |
7.4 | |||
U.S. Treasury Note/Bond, 0.50%, 10/31/27 |
7.2 | |||
U.S. Treasury Note/Bond, 1.50%, 01/31/27 |
6.7 | |||
U.S. Treasury Note/Bond, 0.50%, 08/31/27 |
6.4 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2028 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Treasury 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 |
1.62 | % | (2.90 | )% | 1.62 | % | (10.29 | )% | ||||||||||||
Fund Market |
1.73 | (2.87 | ) | 1.73 | (10.19 | ) | ||||||||||||||
Index |
1.66 | (2.87 | ) | 1.66 | (10.15 | ) |
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 961.00 | $ 0.35 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2028 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent of Net Assets |
|||
Aaa |
98.4 | % | ||
Short-Term and Other Assets |
1.6 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 2.88%, 05/15/28 |
10.5 | % | ||
U.S. Treasury Note/Bond, 1.25%, 06/30/28 |
8.2 | |||
U.S. Treasury Note/Bond, 1.00%, 07/31/28 |
7.6 | |||
U.S. Treasury Note/Bond, 2.88%, 08/15/28 |
7.1 | |||
U.S. Treasury Note/Bond, 0.75%, 01/31/28 |
6.9 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2029 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Treasury 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 |
0.55 | % | (3.51 | )% | 0.55 | % | (12.35 | )% | ||||||||||||
Fund Market |
0.62 | (3.49 | ) | 0.62 | (12.27 | ) | ||||||||||||||
Index |
0.57 | (3.49 | ) | 0.57 | (12.23 | ) |
The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 948.40 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2029 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent
of Net Assets |
|||
Aaa |
98.7 | % | ||
Short-Term and Other Assets |
1.3 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 2.63%, 02/15/29 |
10.5 | % | ||
U.S. Treasury Note/Bond, 2.38%, 05/15/29 |
8.3 | |||
U.S. Treasury Note/Bond, 1.88%, 02/28/29 |
8.1 | |||
U.S. Treasury Note/Bond, 3.13%, 08/31/29 |
8.0 | |||
U.S. Treasury Note/Bond, 2.75%, 05/31/29 |
7.9 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 October 31, 2023 | iShares® iBonds® Dec 2030 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Treasury 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 |
(0.88 | )% | (7.14 | )% | (0.88 | )% | (21.70 | )% | ||||||||||||
Fund Market |
(0.89 | ) | (7.13 | ) | (0.89 | ) | (21.67 | ) | ||||||||||||
Index |
(0.82 | ) | (7.12 | ) | (0.82 | ) | (21.60 | ) |
The inception date of the Fund was July 14, 2020. The first day of secondary market trading was July 16, 2020.
On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury 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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 931.00 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 October 31, 2023 (continued) | iShares® iBonds® Dec 2030 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent
of Net Assets |
|||
Aaa |
97.6 | % | ||
Short-Term and Other Assets |
2.4 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 0.88%, 11/15/30 |
18.5 | % | ||
U.S. Treasury Note/Bond, 0.63%, 08/15/30 |
17.5 | |||
U.S. Treasury Note/Bond, 0.63%, 05/15/30 |
13.0 | |||
U.S. Treasury Note/Bond, 1.50%, 02/15/30 |
9.2 | |||
U.S. Treasury Note/Bond, 4.00%, 02/28/30 |
8.3 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(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 |
Fund Summary as of October 31, 2023 | iShares® iBonds® Dec 2031 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury 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 |
(2.03 | )% | (8.77 | )% | (2.03 | )% | (19.07 | )% | ||||||||||||
Fund Market |
(1.96 | ) | (8.74 | ) | (1.96 | ) | (19.01 | ) | ||||||||||||
Index |
(1.94 | ) | (8.73 | ) | (1.94 | ) | (18.94 | ) |
The inception date of the Fund was July 13, 2021. The first day of secondary market trading was July 15, 2021.
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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 915.10 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 |
21 |
Fund Summary as of October 31, 2023 (continued) | iShares® iBonds® Dec 2031 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent of Net Assets |
|||
Aaa |
98.8 | % | ||
Short-Term and Other Assets |
1.2 |
FIVE LARGEST HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 1.25%, 08/15/31 |
25.3 | % | ||
U.S. Treasury Note/Bond, 1.38%, 11/15/31 |
25.2 | |||
U.S. Treasury Note/Bond, 1.63%, 05/15/31 |
24.5 | |||
U.S. Treasury Note/Bond, 1.13%, 02/15/31 |
23.6 | |||
U.S. Treasury Note/Bond, 5.38%, 02/15/31 |
0.2 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
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 |
Fund Summary as of October 31, 2023 | iShares® iBonds® Dec 2032 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2032 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2032, as represented by the ICE 2032 Maturity US Treasury 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 |
(2.37 | )% | (7.91 | )% | (2.37 | )% | (10.34 | )% | ||||||||||||
Fund Market |
(2.19 | ) | (7.83 | ) | (2.19 | ) | (10.23 | ) | ||||||||||||
Index |
(2.35 | ) | (7.93 | ) | (2.35 | ) | (10.31 | ) |
The inception date of the Fund was July 6, 2022. The first day of secondary market trading was July 8, 2022.
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 (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 910.60 | $ 0.34 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 |
23 |
Fund Summary as of October 31, 2023 (continued) | iShares® iBonds® Dec 2032 Term Treasury ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent
of Net Assets |
|||
Aaa |
98.4 | % | ||
Short-Term and Other Assets |
1.6 |
ALL HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 4.13%, 11/15/32 |
26.4 | % | ||
U.S. Treasury Note/Bond, 2.88%, 05/15/32 |
24.9 | |||
U.S. Treasury Note/Bond, 2.75%, 08/15/32 |
23.7 | |||
U.S. Treasury Note/Bond, 1.88%, 02/15/32 |
23.5 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
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 |
Fund Summary as of October 31, 2023 | iShares® iBonds® Dec 2033 Term Treasury ETF |
Investment Objective
The iShares iBonds Dec 2033 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2033, as represented by the ICE 2033 Maturity US Treasury 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
Cumulative Total Returns | ||||||||
Since Inception |
||||||||
Fund NAV |
(7.38 | )% | ||||||
Fund Market |
(7.26 | ) | ||||||
Index |
(7.42 | ) |
For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.
The inception date of the Fund was June 27, 2023. The first day of secondary market trading was June 29, 2023.
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 (06/27/23) |
(a) |
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(b) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(b) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 926.20 | $ 0.23 | $ 1,000.00 | $ 1,024.90 | $ 0.36 | 0.07 | % |
(a) |
Commencement of operations. |
(b) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 126/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month 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. |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | Percent
of Net Assets |
|||
Aaa |
98.5 | % | ||
Short-Term and Other Assets |
1.5 |
ALL HOLDINGS
Security |
|
Percent of Net Assets |
(a) | |
U.S. Treasury Note/Bond, 3.88%, 08/15/33 |
35.2 | % | ||
U.S. Treasury Note/Bond, 3.38%, 05/15/33 |
31.7 | |||
U.S. Treasury Note/Bond, 3.50%, 02/15/33 |
31.6 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
25 |
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.
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 |
October 31, 2023 |
iShares® iBonds® Dec 2023 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
| |||||||
U.S. Government Obligations — 26.0% | ||||||||
U.S.
Treasury Note/Bond |
$ | 117,652 | $ | 116,907,114 | ||||
0.25%, 11/15/23 |
47,144 | 47,052,440 | ||||||
0.50%, 11/30/23 |
85,798 | 85,466,923 | ||||||
0.75%, 12/31/23 |
26,960 | 26,753,100 | ||||||
2.25%, 12/31/23 |
36,408 | 36,215,620 | ||||||
2.75%, 11/15/23 |
76,387 | 76,309,418 | ||||||
2.88%, 11/30/23 |
188,318 | 187,935,325 | ||||||
|
|
|||||||
576,639,940 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 26.0% |
|
576,639,940 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 65.6% | ||||||||
BlackRock
Cash Funds: Treasury, |
1,453,202,000 | 1,453,202,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 65.6% |
|
1,453,202,000 | ||||||
|
|
|||||||
Total
Investments — 91.6% |
|
2,029,841,940 | ||||||
Other Assets Less Liabilities — 8.4% |
|
185,745,277 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 2,215,587,217 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 81,560,100 | $ | 1,371,641,900 | (a) | $ | — | $ | — | $ | — | $ | 1,453,202,000 | 1,453,202,000 | $ | 24,195,084 | (b) | $ | 47 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
27 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2023 Term Treasury 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 |
$ | — | $ | 576,639,940 | $ | — | $ | 576,639,940 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,453,202,000 | — | — | 1,453,202,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,453,202,000 | $ | 576,639,940 | $ | — | $ | 2,029,841,940 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
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 October 31, 2023 |
iShares® iBonds® Dec 2024 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
||||||||
U.S. Government Obligations — 98.3% | ||||||||
U.S.
Treasury Note/Bond |
$ | 53,060 | $ | 52,493,967 | ||||
0.25%, 03/15/24 |
167,254 | 164,085,223 | ||||||
0.25%, 06/15/24(a) |
60,608 | 58,676,410 | ||||||
0.38%, 04/15/24 |
118,329 | 115,647,815 | ||||||
0.38%, 07/15/24 |
15,542 | 14,996,941 | ||||||
0.38%, 09/15/24 |
196,759 | 188,251,188 | ||||||
0.75%, 11/15/24 |
168,724 | 160,808,472 | ||||||
1.00%, 12/15/24 |
52,836 | 50,330,799 | ||||||
1.50%, 09/30/24 |
192,995 | 186,232,347 | ||||||
1.50%, 11/30/24 |
81,494 | 78,151,377 | ||||||
1.75%, 07/31/24 |
16,651 | 16,194,757 | ||||||
2.00%, 04/30/24 |
138,750 | 136,370,654 | ||||||
2.13%, 07/31/24 |
59,276 | 57,817,645 | ||||||
2.25%, 03/31/24 |
77,715 | 76,691,955 | ||||||
2.25%, 04/30/24 |
188,287 | 185,278,625 | ||||||
2.25%, 11/15/24 |
86,380 | 83,609,573 | ||||||
2.38%, 02/29/24 |
47,519 | 47,032,871 | ||||||
2.38%, 08/15/24 |
157,878 | 154,079,158 | ||||||
2.50%, 01/31/24(a) |
61,758 | 61,311,702 | ||||||
2.50%, 04/30/24 |
136,094 | 134,089,902 | ||||||
2.50%, 05/31/24 |
106,126 | 104,293,472 | ||||||
2.75%, 02/15/24 |
104,349 | 103,533,773 | ||||||
3.00%, 06/30/24 |
130,586 | 128,443,574 | ||||||
3.00%, 07/31/24 |
63,287 | 62,132,997 | ||||||
3.25%, 08/31/24 |
98,222 | 96,430,412 |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations (continued) | ||||||||
4.50%, 11/30/24 |
$ | 86,960 | $ | 86,100,393 | ||||
|
|
|||||||
2,603,086,002 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.3% |
|
2,603,086,002 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.7% |
|
|||||||
BlackRock
Cash Funds: Treasury, |
123,870,000 | 123,870,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 4.7% |
|
123,870,000 | ||||||
|
|
|||||||
Total
Investments — 103.0% |
|
2,726,956,002 | ||||||
Liabilities in Excess of Other Assets — (3.0)% |
|
(80,215,057 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 2,646,740,945 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock
Cash Funds: Treasury, |
$ | 6,958,000 | $ | 116,912,000 | (a) | $ | — | $ | — | $ | — | $ | 123,870,000 | 123,870,000 | $ | 719,163 | (b) | $ | 9 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
29 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2024 Term Treasury 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 |
$ | — | $ | 2,603,086,002 | $ | — | $ | 2,603,086,002 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
123,870,000 | — | — | 123,870,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 123,870,000 | $ | 2,603,086,002 | $ | — | $ | 2,726,956,002 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
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 October 31, 2023 |
iShares® iBonds® Dec 2025 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
||||||||
U.S. Government Obligations — 97.8% | ||||||||
U.S. Treasury Note/Bond |
||||||||
0.25%, 05/31/25 |
$ | 116,200 | $ | 107,534,930 | ||||
0.25%, 06/30/25 |
48,873 | 45,077,522 | ||||||
0.25%, 08/31/25 |
128,585 | 117,740,663 | ||||||
0.25%, 09/30/25 |
1 | 1,095 | ||||||
0.25%, 10/31/25 |
8,234 | 7,487,654 | ||||||
0.38%, 04/30/25 |
46,485 | 43,265,551 | ||||||
0.38%, 11/30/25 |
110,360 | 100,268,005 | ||||||
1.13%, 01/15/25 |
41,539 | 39,515,977 | ||||||
1.13%, 02/28/25 |
50,333 | 47,649,513 | ||||||
1.50%, 02/15/25 |
74,216 | 70,708,516 | ||||||
1.75%, 03/15/25 |
86,988 | 82,955,088 | ||||||
2.63%, 03/31/25 |
34,931 | 33,679,279 | ||||||
2.63%, 04/15/25 |
56,846 | 54,774,230 | ||||||
2.75%, 05/15/25 |
96,020 | 92,531,581 | ||||||
2.75%, 06/30/25 |
13,462 | 12,946,754 | ||||||
2.88%, 05/31/25 |
23,243 | 22,431,736 | ||||||
2.88%, 06/15/25 |
112,504 | 108,482,957 | ||||||
2.88%, 07/31/25 |
76,364 | 73,473,311 | ||||||
3.00%, 07/15/25 |
63,880 | 61,638,727 | ||||||
3.00%, 09/30/25 |
101,061 | 97,207,857 | ||||||
3.00%, 10/31/25 |
72,459 | 69,612,068 | ||||||
3.50%, 09/15/25 |
31,760 | 30,847,288 | ||||||
4.00%, 12/15/25 |
35,513 | 34,766,378 | ||||||
4.13%, 01/31/25 |
26,206 | 25,826,749 | ||||||
4.25%, 10/15/25 |
40,429 | 39,797,100 |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations (continued) | ||||||||
4.63%, 02/28/25 |
$ | 23,184 | $ | 22,984,055 | ||||
5.00%, 08/31/25 |
20,000 | 19,957,812 | ||||||
5.00%, 09/30/25 |
35,000 | 34,935,742 | ||||||
|
|
|||||||
1,498,098,138 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 97.8% |
|
1,498,098,138 | ||||||
|
|
|||||||
Shares | ||||||||
|
||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.4% |
|
|||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
6,200,000 | 6,200,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.4% |
|
6,200,000 | ||||||
|
|
|||||||
Total
Investments — 98.2% |
|
1,504,298,138 | ||||||
Other Assets Less Liabilities — 1.8% |
|
28,213,163 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 1,532,511,301 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 1,600,000 | $ | 4,600,000 | (a) | $ | — | $ | — | $ | — | $ | 6,200,000 | 6,200,000 | $ | 383,126 | $ | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
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 |
$ | — | $ | 1,498,098,138 | $ | — | $ | 1,498,098,138 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
6,200,000 | — | — | 6,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,200,000 | $ | 1,498,098,138 | $ | — | $ | 1,504,298,138 | |||||||||
|
|
|
|
|
|
|
|
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 October 31, 2023 |
iShares® iBonds® Dec 2026 Term Treasury 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 |
||||||||
0.38%, 01/31/26 |
$ | 29,980 | $ | 27,053,076 | ||||
0.50%, 02/28/26 |
33,525 | 30,245,836 | ||||||
0.63%, 07/31/26 |
6,397 | 5,699,631 | ||||||
0.75%, 03/31/26 |
39,215 | 35,520,393 | ||||||
0.75%, 04/30/26 |
27,296 | 24,630,826 | ||||||
0.75%, 05/31/26 |
39,168 | 35,219,250 | ||||||
0.75%, 08/31/26 |
14,988 | 13,355,357 | ||||||
0.88%, 06/30/26 |
40,508 | 36,492,012 | ||||||
0.88%, 09/30/26 |
8,696 | 7,763,897 | ||||||
1.13%, 10/31/26 |
28,010 | 25,096,124 | ||||||
1.25%, 11/30/26 |
26,342 | 23,625,571 | ||||||
1.38%, 08/31/26 |
6,814 | 6,182,816 | ||||||
1.50%, 08/15/26 |
34,822 | 31,742,612 | ||||||
1.63%, 05/15/26 |
31,868 | 29,350,557 | ||||||
1.63%, 11/30/26 |
13,585 | 12,328,750 | ||||||
1.88%, 07/31/26 |
14,802 | 13,652,440 | ||||||
2.00%, 11/15/26 |
27,841 | 25,582,273 | ||||||
2.25%, 03/31/26 |
13,844 | 12,994,433 | ||||||
2.38%, 04/30/26 |
1,174 | 1,103,376 | ||||||
3.88%, 01/15/26 |
4,895 | 4,778,752 | ||||||
4.00%, 02/15/26 |
19,760 | 19,330,642 | ||||||
4.38%, 08/15/26 |
12,815 | 12,631,983 | ||||||
4.63%, 03/15/26 |
18,853 | 18,697,213 |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations (continued) | ||||||||
4.63%, 09/15/26 |
$ | 9,498 | $ | 9,428,448 | ||||
|
|
|||||||
462,506,268 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.7% |
|
462,506,268 | ||||||
|
|
|||||||
Shares | ||||||||
|
||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.9% |
|
|||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
4,440,000 | 4,440,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.9% |
|
4,440,000 | ||||||
|
|
|||||||
Total
Investments — 99.6% |
|
466,946,268 | ||||||
Other Assets Less Liabilities — 0.4% |
|
1,828,058 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 468,774,326 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 870,000 | $ | 3,570,000 | (a) | $ | — | $ | — | $ | — | $ | 4,440,000 | 4,440,000 | $ | 78,504 | (b) | $ | 1 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | 462,506,268 | $ | — | $ | 462,506,268 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
4,440,000 | — | — | 4,440,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 4,440,000 | $ | 462,506,268 | $ | — | $ | 466,946,268 | |||||||||
|
|
|
|
|
|
|
|
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 October 31, 2023 |
iShares® iBonds® Dec 2027 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
||||||||
U.S. Government Obligations — 98.8% | ||||||||
U.S.
Treasury Note/Bond |
$ | 12,392 | $ | 10,423,318 | ||||
0.50%, 04/30/27 |
12,900 | 11,098,535 | ||||||
0.50%, 05/31/27 |
16,797 | 14,401,545 | ||||||
0.50%, 08/31/27 |
21,071 | 17,883,188 | ||||||
0.50%, 10/31/27 |
23,993 | 20,214,787 | ||||||
0.63%, 03/31/27 |
11,868 | 10,295,490 | ||||||
0.63%, 11/30/27 |
9,056 | 7,645,514 | ||||||
1.50%, 01/31/27 |
20,928 | 18,820,755 | ||||||
1.88%, 02/28/27 |
16,469 | 14,959,309 | ||||||
2.25%, 02/15/27 |
12,570 | 11,574,711 | ||||||
2.25%, 08/15/27 |
12,087 | 10,994,449 | ||||||
2.25%, 11/15/27 |
17,931 | 16,219,850 | ||||||
2.38%, 05/15/27 |
12,023 | 11,048,010 | ||||||
2.50%, 03/31/27 |
12,204 | 11,303,108 | ||||||
2.75%, 04/30/27 |
14,660 | 13,661,288 | ||||||
2.75%, 07/31/27 |
22,240 | 20,624,994 | ||||||
3.13%, 08/31/27 |
4,584 | 4,304,756 | ||||||
3.25%, 06/30/27 |
22,240 | 21,036,781 | ||||||
4.13%, 09/30/27 |
17,364 | 16,901,318 | ||||||
4.13%, 10/31/27 |
13,713 | 13,340,957 | ||||||
|
|
|||||||
276,752,663 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.8% |
|
276,752,663 | ||||||
|
|
Security | Shares |
Value | ||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
1,360,000 | $ | 1,360,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.5% |
|
1,360,000 | ||||||
|
|
|||||||
Total
Investments — 99.3% |
|
278,112,663 | ||||||
Other Assets Less Liabilities — 0.7% |
|
2,022,115 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 280,134,778 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 190,000 | $ | 1,170,000 | (a) | $ | — | $ | — | $ | — | $ | 1,360,000 | 1,360,000 | $ | 29,365 | (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 |
$ | — | $ | 276,752,663 | $ | — | $ | 276,752,663 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,360,000 | — | — | 1,360,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,360,000 | $ | 276,752,663 | $ | — | $ | 278,112,663 | |||||||||
|
|
|
|
|
|
|
|
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) October 31, 2023 |
iShares® iBonds® Dec 2027 Term Treasury ETF |
Fair Value Hierarchy as of Period End (continued)
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 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2028 Term Treasury 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 |
$ | 16,165 | $ | 13,633,999 | ||||
1.00%, 07/31/28 |
18,043 | 15,108,731 | ||||||
1.13%, 02/29/28 |
12,327 | 10,545,449 | ||||||
1.13%, 08/31/28 |
9,268 | 7,787,040 | ||||||
1.25%, 03/31/28 |
15,085 | 12,935,719 | ||||||
1.25%, 04/30/28 |
8,668 | 7,416,732 | ||||||
1.25%, 06/30/28 |
19,085 | 16,229,450 | ||||||
1.25%, 09/30/28 |
14,770 | 12,451,057 | ||||||
1.38%, 10/31/28 |
13,634 | 11,534,831 | ||||||
1.50%, 11/30/28 |
11,015 | 9,354,145 | ||||||
2.75%, 02/15/28 |
10,587 | 9,727,633 | ||||||
2.88%, 05/15/28 |
22,582 | 20,769,081 | ||||||
2.88%, 08/15/28 |
15,345 | 14,046,527 | ||||||
3.13%, 11/15/28 |
11,076 | 10,213,035 | ||||||
3.50%, 01/31/28 |
6,441 | 6,107,125 | ||||||
3.63%, 03/31/28 |
3,610 | 3,436,036 | ||||||
4.00%, 02/29/28 |
7,853 | 7,594,096 | ||||||
4.38%, 08/31/28 |
2,000 | 1,961,875 | ||||||
4.63%, 09/30/28 |
2,000 | 1,981,875 | ||||||
4.88%, 10/31/28 |
2,500 | 2,505,273 | ||||||
|
|
|||||||
195,339,709 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.4% |
|
195,339,709 | ||||||
|
|
Security | Shares |
Value | ||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.7% |
|
|||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
1,460,000 | $ | 1,460,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.7% |
|
1,460,000 | ||||||
|
|
|||||||
Total
Investments — 99.1% |
|
196,799,709 | ||||||
Other Assets Less Liabilities — 0.9% |
|
1,810,533 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 198,610,242 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 150,000 | $ | 1,310,000 | (a) | $ | — | $ | — | $ | — | $ | 1,460,000 | 1,460,000 | $ | 34,626 | (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 |
$ | — | $ | 195,339,709 | $ | — | $ | 195,339,709 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,460,000 | — | — | 1,460,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,460,000 | $ | 195,339,709 | $ | — | $ | 196,799,709 | |||||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2028 Term Treasury ETF |
Fair Value Hierarchy as of Period End (continued)
See notes to financial statements.
36 |
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 October 31, 2023 |
iShares® iBonds® Dec 2029 Term Treasury 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 |
$ | 9,432 | $ | 7,907,372 | ||||
1.75%, 01/31/29 |
9,647 | 8,256,818 | ||||||
1.75%, 11/15/29 |
7,250 | 6,086,035 | ||||||
1.88%, 02/28/29 |
11,298 | 9,712,234 | ||||||
2.38%, 03/31/29 |
8,362 | 7,361,826 | ||||||
2.38%, 05/15/29 |
11,261 | 9,893,492 | ||||||
2.63%, 02/15/29 |
14,030 | 12,562,509 | ||||||
2.63%, 07/31/29 |
6,808 | 6,033,590 | ||||||
2.75%, 05/31/29 |
10,454 | 9,359,737 | ||||||
2.88%, 04/30/29 |
7,927 | 7,156,466 | ||||||
3.13%, 08/31/29 |
10,454 | 9,507,967 | ||||||
3.25%, 06/30/29 |
7,629 | 7,003,894 | ||||||
3.88%, 09/30/29 |
4,649 | 4,400,395 | ||||||
3.88%, 11/30/29 |
7,604 | 7,185,996 | ||||||
4.00%, 10/31/29 |
5,475 | 5,213,678 | ||||||
|
|
|||||||
117,642,009 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.7% |
|
117,642,009 | ||||||
|
|
,Security | Shares |
Value | ||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
670,000 | $ | 670,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.5% |
|
670,000 | ||||||
|
|
|||||||
Total
Investments — 99.2% |
|
118,312,009 | ||||||
Other Assets Less Liabilities — 0.8% |
|
897,588 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 119,209,597 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 220,000 | $450,000 | (a) | $ | — | $ | — | $ | — | $ | 670,000 | 670,000 | $ | 15,568 | (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 |
$ | — | $ | 117,642,009 | $ | — | $117,642,009 | |||||||
Short-Term Securities |
||||||||||||||
Money Market Funds |
670,000 | — | — | 670,000 | ||||||||||
|
|
|
|
|
|
| ||||||||
$ | 670,000 | $ | 117,642,009 | $ | — | $118,312,009 | ||||||||
|
|
|
|
|
|
|
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 |
37 |
Schedule of Investments October 31, 2023 |
iShares® iBonds® Dec 2030 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
||||||||
U.S. Government Obligations — 97.6% | ||||||||
U.S.
Treasury Note/Bond |
$ | 25,460 | $ | 19,408,125 | ||||
0.63%, 08/15/30 |
34,391 | 25,978,488 | ||||||
0.88%, 11/15/30 |
36,088 | 27,589,376 | ||||||
1.50%, 02/15/30 |
16,738 | 13,683,969 | ||||||
3.50%, 01/31/30 |
8,814 | 8,141,219 | ||||||
3.50%, 04/30/30 |
9,281 | 8,552,487 | ||||||
3.63%, 03/31/30 |
7,174 | 6,661,921 | ||||||
3.75%, 05/31/30 |
9,089 | 8,492,385 | ||||||
3.75%, 06/30/30 |
5,448 | 5,086,644 | ||||||
4.00%, 02/28/30 |
12,974 | 12,322,069 | ||||||
4.00%, 07/31/30 |
551 | 521,943 | ||||||
4.13%, 08/31/30 |
7,016 | 6,692,606 | ||||||
4.63%, 09/30/30 |
1,000 | 983,125 | ||||||
4.88%, 10/31/30 |
1,000 | 997,969 | ||||||
|
|
|||||||
145,112,326 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 97.6% |
|
145,112,326 | ||||||
|
|
Security |
Shares |
Value | ||||||
|
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
1,960,000 | $ | 1,960,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 1.3% |
|
1,960,000 | ||||||
|
|
|||||||
Total
Investments — 98.9% |
|
147,072,326 | ||||||
Other Assets Less Liabilities — 1.1% |
|
1,656,389 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 148,728,715 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 330,000 | $1,630,000 | (a) | $ | — | $ | — | $ | — | $ | 1,960,000 | 1,960,000 | $ | 34,373 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
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 |
$ | — | $ | 145,112,326 | $ | — | $145,112,326 | |||||||
Short-Term Securities |
||||||||||||||
Money Market Funds |
1,960,000 | — | — | 1,960,000 | ||||||||||
|
|
|
|
|
|
| ||||||||
$ | 1,960,000 | $ | 145,112,326 | $ | — | $147,072,326 | ||||||||
|
|
|
|
|
|
|
See notes to financial statements.
38 |
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 October 31, 2023 |
iShares® iBonds® Dec 2031 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
| |||||||
U.S. Government Obligations — 98.8% | ||||||||
U.S.
Treasury Note/Bond |
$ | 35,889 | $ | 27,793,024 | ||||
1.25%, 08/15/31 |
38,863 | 29,766,935 | ||||||
1.38%, 11/15/31 |
38,652 | 29,665,103 | ||||||
1.63%, 05/15/31 |
36,330 | 28,926,503 | ||||||
5.38%, 02/15/31 |
283 | 291,490 | ||||||
|
|
|||||||
116,443,055 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.8% |
|
116,443,055 | ||||||
|
|
|||||||
Shares | ||||||||
|
||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
480,000 | 480,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.4% |
|
480,000 | ||||||
|
|
|||||||
Total
Investments — 99.2% |
|
116,923,055 | ||||||
Other Assets Less Liabilities — 0.8% |
|
940,796 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 117,863,851 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 30,000 | $ | 450,000 | (a) | $ | — | $ | — | $ | — | $ | 480,000 | 480,000 | $ | 12,000 | (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. |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2031 Term Treasury 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 |
$ | — | $ | 116,443,055 | $ | — | $ | 116,443,055 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
480,000 | — | — | 480,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 480,000 | $ | 116,443,055 | $ | — | $ | 116,923,055 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
40 |
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 October 31, 2023 |
iShares® iBonds® Dec 2032 Term Treasury 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 |
$ | 40,031 | $ | 31,813,540 | ||||
2.75%, 08/15/32 |
37,941 | 32,095,799 | ||||||
2.88%, 05/15/32 |
39,194 | 33,632,164 | ||||||
4.13%, 11/15/32 |
37,856 | 35,664,493 | ||||||
|
|
|||||||
133,205,996 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.4% |
|
133,205,996 | ||||||
|
|
|||||||
Shares | ||||||||
|
||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) |
120,000 | 120,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
|
120,000 | ||||||
|
|
|||||||
Total
Investments — 98.5% |
|
133,325,996 | ||||||
Other Assets Less Liabilities — 1.5% |
|
1,967,035 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 135,293,031 | |||||
|
|
(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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | — | $120,000 | (a) | $ | — | $ | — | $ | — | $ | 120,000 | 120,000 | $ | 7,660 | (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 |
$ | — | $ | 133,205,996 | $ | — | $ | 133,205,996 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2032 Term Treasury ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
|
||||||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
$ | 120,000 | $ | — | $ | — | $ | 120,000 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 120,000 | $ | 133,205,996 | $ | — | $ | 133,325,996 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
42 |
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 October 31, 2023 |
iShares® iBonds® Dec 2033 Term Treasury ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
|
||||||||
U.S. Government Obligations |
||||||||
U.S. Government Obligations — 98.5% | ||||||||
U.S.
Treasury Note/Bond |
$ | 24,730 | $ | 21,866,730 | ||||
3.50%, 02/15/33 |
24,369 | 21,813,884 | ||||||
3.88%, 08/15/33 |
26,329 | 24,234,837 | ||||||
|
|
|||||||
67,915,451 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.5% |
|
67,915,451 | ||||||
|
|
|||||||
Shares | ||||||||
|
||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.1% |
|
|||||||
BlackRock
Cash Funds: Treasury, SL Agency |
30,000 | 30,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
|
30,000 | ||||||
|
|
|||||||
Total
Investments — 98.6% |
|
67,945,451 | ||||||
Other Assets Less Liabilities — 1.4% |
|
998,525 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 68,943,976 | |||||
|
|
(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 period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | |
Value
at 06/27/23 |
(a) |
|
Purchases at Cost |
|
|
Proceeds from Sale |
|
|
Net Realized Gain (Loss) |
|
|
Change
in Unrealized Appreciation (Depreciation) |
|
|
Value
at 10/31/23 |
|
|
Shares Held at 10/31/23 |
|
Income | |
Capital Gain |
| |||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock
Cash Funds: Treasury, |
$ | — | $ | 30,000 | (b) | $ | — | $ | — | $ | — | $ | 30,000 | 30,000 | $ | 1,126 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Represents net amount purchased (sold). |
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 |
$ | — | $ | 67,915,451 | $ | — | $ | 67,915,451 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
30,000 | — | — | 30,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 30,000 | $ | 67,915,451 | $ | — | $ | 67,945,451 | |||||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® Dec 2033 Term Treasury ETF |
Fair Value Hierarchy as of Period End (continued)
See notes to financial statements.
44 |
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
October 31, 2023
iShares iBonds Dec 2023 Term Treasury ETF |
iShares iBonds Dec 2024 |
iShares iBonds Dec 2025 |
iShares iBonds Dec 2026 Term Treasury ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 576,639,940 | $ | 2,603,086,002 | $ | 1,498,098,138 | $ | 462,506,268 | ||||||||
Investments, at value — affiliated(c) |
1,453,202,000 | 123,870,000 | 6,200,000 | 4,440,000 | ||||||||||||
Cash |
142,042,253 | 12,386 | 3,207 | 3,382 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
50,785,477 | — | 76,421,265 | — | ||||||||||||
Securities lending income — affiliated |
17,436 | 3,959 | — | — | ||||||||||||
Capital shares sold |
— | 91,925 | 2,357,693 | 195,076 | ||||||||||||
Dividends — affiliated |
6,095,772 | 122,684 | 21,909 | 16,697 | ||||||||||||
Interest — unaffiliated |
4,100,950 | 10,595,850 | 7,005,823 | 1,830,736 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
2,232,883,828 | 2,737,782,806 | 1,590,108,035 | 468,992,159 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
17,255,000 | 90,890,000 | — | — | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | — | 57,483,008 | 160,223 | ||||||||||||
Capital shares redeemed |
2,047 | — | 20,178 | 33,010 | ||||||||||||
Investment advisory fees |
39,564 | 151,861 | 93,548 | 24,600 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
17,296,611 | 91,041,861 | 57,596,734 | 217,833 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 2,215,587,217 | $ | 2,646,740,945 | $ | 1,532,511,301 | $ | 468,774,326 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 2,208,780,260 | $ | 2,660,281,232 | $ | 1,552,836,345 | $ | 483,183,923 | ||||||||
Accumulated earnings (loss) |
6,806,957 | (13,540,287 | ) | (20,325,044 | ) | (14,409,597 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 2,215,587,217 | $ | 2,646,740,945 | $ | 1,532,511,301 | $ | 468,774,326 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
89,250,000 | 111,000,000 | 66,400,000 | 20,900,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 24.82 | $ | 23.84 | $ | 23.08 | $ | 22.43 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 577,162,650 | $ | 2,619,570,437 | $ | 1,518,307,901 | $ | 471,988,792 | ||||||||
(b) Securities loaned, at value |
$ | 16,892,354 | $ | 88,678,399 | $ | — | $ | — | ||||||||
(c) Investments, at cost — affiliated |
$ | 1,453,202,000 | $ | 123,870,000 | $ | 6,200,000 | $ | 4,440,000 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
45 |
Statements of Assets and Liabilities (continued)
October 31, 2023
iShares iBonds Dec 2027 ETF |
iShares iBonds Dec 2028 ETF |
iShares iBonds Dec 2029 ETF |
iShares iBonds Dec 2030 ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a) |
$ | 276,752,663 | $ | 195,339,709 | $ | 117,642,009 | $ | 145,112,326 | ||||||||
Investments, at value — affiliated(b) |
1,360,000 | 1,460,000 | 670,000 | 1,960,000 | ||||||||||||
Cash |
9,240 | 7,795 | 7,232 | 5,792 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
842,942 | 7,199,723 | 2,886,017 | 4,337,227 | ||||||||||||
Capital shares sold |
259,088 | 71,322 | 12,602 | — | ||||||||||||
Dividends — affiliated |
3,425 | 5,642 | 1,907 | 7,691 | ||||||||||||
Interest — unaffiliated |
1,170,438 | 1,061,565 | 851,801 | 779,440 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
280,397,796 | 205,145,756 | 122,071,568 | 152,202,476 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
247,671 | 6,524,577 | 2,855,492 | 3,427,847 | ||||||||||||
Capital shares redeemed |
— | — | — | 37,428 | ||||||||||||
Investment advisory fees |
15,347 | 10,937 | 6,479 | 8,486 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
263,018 | 6,535,514 | 2,861,971 | 3,473,761 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 280,134,778 | $ | 198,610,242 | $ | 119,209,597 | $ | 148,728,715 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 291,097,021 | $ | 207,652,050 | $ | 127,222,939 | $ | 163,903,637 | ||||||||
Accumulated loss |
(10,962,243 | ) | (9,041,808 | ) | (8,013,342 | ) | (15,174,922 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 280,134,778 | $ | 198,610,242 | $ | 119,209,597 | $ | 148,728,715 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
12,900,000 | 9,300,000 | 5,750,000 | 8,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 21.72 | $ | 21.36 | $ | 20.73 | $ | 18.59 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 284,889,732 | $ | 202,575,383 | $ | 122,373,557 | $ | 154,438,121 | ||||||||
(b) Investments, at cost — affiliated |
$ | 1,360,000 | $ | 1,460,000 | $ | 670,000 | $ | 1,960,000 |
See notes to financial statements.
46 |
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 (continued)
October 31, 2023
iShares iBonds Dec 2031 ETF |
iShares iBonds Dec 2032 ETF |
iShares iBonds Dec 2033 Term Treasury ETF |
||||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a) |
$ | 116,443,055 | $ | 133,205,996 | $ | 67,915,451 | ||||||||||
Investments, at value — affiliated(b) |
480,000 | 120,000 | 30,000 | |||||||||||||
Cash |
2,611 | 2,507 | 8,166 | |||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
232,994 | 341,888 | 6,898,175 | |||||||||||||
Dividends — affiliated |
2,120 | 626 | 168 | |||||||||||||
Interest — unaffiliated |
710,004 | 1,629,558 | 782,592 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total assets |
117,870,784 | 135,300,575 | 75,634,552 | |||||||||||||
|
|
|
|
|
|
|||||||||||
LIABILITIES |
||||||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | — | 6,687,175 | |||||||||||||
Investment advisory fees |
6,933 | 7,544 | 3,401 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Total liabilities |
6,933 | 7,544 | 6,690,576 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 117,863,851 | $ | 135,293,031 | $ | 68,943,976 | ||||||||||
|
|
|
|
|
|
|||||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 127,648,085 | $ | 145,057,061 | $ | 70,678,103 | ||||||||||
Accumulated loss |
(9,784,234 | ) | (9,764,030 | ) | (1,734,127 | ) | ||||||||||
|
|
|
|
|
|
|||||||||||
NET ASSETS |
$ | 117,863,851 | $ | 135,293,031 | $ | 68,943,976 | ||||||||||
|
|
|
|
|
|
|||||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
6,150,000 | 6,300,000 | 3,000,000 | |||||||||||||
|
|
|
|
|
|
|||||||||||
Net asset value |
$ | 19.16 | $ | 21.48 | $ | 22.98 | ||||||||||
|
|
|
|
|
|
|||||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | |||||||||||||
|
|
|
|
|
|
|||||||||||
Par value |
None | None | None | |||||||||||||
|
|
|
|
|
|
|||||||||||
(a) Investments, at cost — unaffiliated |
$ | 126,318,020 | $ | 142,995,001 | $ | 69,405,487 | ||||||||||
(b) Investments, at cost — affiliated |
$ | 480,000 | $ | 120,000 | $ | 30,000 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
47 |
Year Ended October 31, 2023
|
iShares iBonds Dec 2023 ETF |
|
|
iShares iBonds Dec 2024 ETF |
|
|
iShares iBonds Dec 2025 |
|
|
iShares iBonds Dec 2026 |
| |||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — affiliated |
$ | 23,560,545 | $ | 687,450 | $ | 378,140 | $ | 78,421 | ||||||||
Interest — unaffiliated |
92,316,940 | 89,607,523 | 47,634,853 | 10,768,499 | ||||||||||||
Securities lending income — affiliated — net |
634,539 | 31,713 | 4,986 | 83 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
116,512,024 | 90,326,686 | 48,017,979 | 10,847,003 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
1,778,716 | 1,446,972 | 803,151 | 198,303 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
1,778,716 | 1,446,972 | 803,151 | 198,303 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
(411,302 | ) | (12,520 | ) | (6,936 | ) | (1,460 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
1,367,414 | 1,434,452 | 796,215 | 196,843 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
115,144,610 | 88,892,234 | 47,221,764 | 10,650,160 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(124,107 | ) | (3,713,200 | ) | (2,972,851 | ) | (2,668,889 | ) | ||||||||
Capital gain distributions from underlying funds — affiliated |
47 | 9 | 2 | 1 | ||||||||||||
In-kind redemptions — unaffiliated(a) |
(209,797 | ) | 514,460 | 403,086 | 323,877 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
(333,857 | ) | (3,198,731 | ) | (2,569,763 | ) | (2,345,011 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
4,864,556 | (6,146,884 | ) | (13,929,502 | ) | (3,660,714 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
4,864,556 | (6,146,884 | ) | (13,929,502 | ) | (3,660,714 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
4,530,699 | (9,345,615 | ) | (16,499,265 | ) | (6,005,725 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 119,675,309 | $ | 79,546,619 | $ | 30,722,499 | $ | 4,644,435 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
48 |
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 Operations (continued)
Year Ended October 31, 2023
|
iShares iBonds Dec 2027 |
|
|
iShares iBonds Dec 2028 |
|
|
iShares iBonds Dec 2029 |
|
|
iShares iBonds Dec 2030 Term Treasury |
| |||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — affiliated |
$ | 29,232 | $ | 34,320 | $ | 15,544 | $ | 34,373 | ||||||||
Interest — unaffiliated |
8,298,018 | 3,468,884 | 2,550,720 | 2,697,060 | ||||||||||||
Securities lending income — affiliated — net |
133 | 306 | 24 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
8,327,383 | 3,503,510 | 2,566,288 | 2,731,433 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
149,712 | 69,237 | 48,503 | 62,476 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
149,712 | 69,237 | 48,503 | 62,476 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
(540 | ) | (609 | ) | (295 | ) | (625 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
149,172 | 68,628 | 48,208 | 61,851 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
8,178,211 | 3,434,882 | 2,518,080 | 2,669,582 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(991,700 | ) | (1,588,819 | ) | (2,397,146 | ) | (6,049,965 | ) | ||||||||
In-kind redemptions — unaffiliated(a) |
576,081 | 402,520 | 14,547 | 98,966 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(415,619 | ) | (1,186,299 | ) | (2,382,599 | ) | (5,950,999 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
(5,386,794 | ) | (3,907,232 | ) | (1,714,708 | ) | 1,258,705 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
(5,386,794 | ) | (3,907,232 | ) | (1,714,708 | ) | 1,258,705 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized loss |
(5,802,413 | ) | (5,093,531 | ) | (4,097,307 | ) | (4,692,294 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 2,375,798 | $ | (1,658,649 | ) | $ | (1,579,227 | ) | $ | (2,022,712 | ) | |||||
|
|
|
|
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
49 |
Statements of Operations (continued)
Year Ended October 31, 2023
|
iShares iBonds Dec 2031 |
|
|
iShares iBonds Dec 2032 |
|
|
iShares iBonds Dec 2033 |
| ||||
|
||||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — affiliated |
$ | 11,792 | $ | 7,488 | $ | 1,126 | ||||||
Interest — unaffiliated |
1,962,041 | 2,509,231 | 375,566 | |||||||||
Securities lending income — affiliated — net |
208 | 172 | — | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
1,974,041 | 2,516,891 | 376,692 | |||||||||
|
|
|
|
|
|
|||||||
EXPENSES |
||||||||||||
Investment advisory |
40,017 | 47,102 | 6,077 | |||||||||
|
|
|
|
|
|
|||||||
Total expenses |
40,017 | 47,102 | 6,077 | |||||||||
Less: |
||||||||||||
Investment advisory fees waived |
(212 | ) | (135 | ) | (19 | ) | ||||||
|
|
|
|
|
|
|||||||
Total expenses after fees waived |
39,805 | 46,967 | 6,058 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
1,934,236 | 2,469,924 | 370,634 | |||||||||
|
|
|
|
|
|
|||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated |
(252,844 | ) | (329,863 | ) | (466,156 | ) | ||||||
In-kind redemptions — unaffiliated(b) |
31,734 | 136,554 | — | |||||||||
|
|
|
|
|
|
|||||||
(221,110 | ) | (193,309 | ) | (466,156 | ) | |||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated |
(8,099,270 | ) | (9,437,928 | ) | (1,490,036 | ) | ||||||
|
|
|
|
|
|
|||||||
(8,099,270 | ) | (9,437,928 | ) | (1,490,036 | ) | |||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss |
(8,320,380 | ) | (9,631,237 | ) | (1,956,192 | ) | ||||||
|
|
|
|
|
|
|||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (6,386,144) | $ | (7,161,313) | $ | (1,585,558) | ||||||
|
|
|
|
|
|
(a) |
For the period from June 27, 2023 (commencement of operations) to October 31, 2023. |
(b) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
50 |
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 Changes in Net Assets
iShares iBonds Dec 2023 Term Treasury ETF |
iShares iBonds Dec 2024 Term Treasury ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 115,144,610 | $ | 5,731,117 | $ | 88,892,234 | $ | 4,964,637 | ||||||||||||||||||||||||
Net realized loss |
(333,857 | ) | (2,581,389 | ) | (3,198,731 | ) | (3,283,265 | ) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
4,864,556 | (5,264,971 | ) | (6,146,884 | ) | (10,193,140 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
119,675,309 | (2,115,243 | ) | 79,546,619 | (8,511,768 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(108,095,152 | ) | (2,873,254 | ) | (80,598,526 | ) | (3,252,740 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
1,084,393,652 | 1,055,605,379 | 1,921,500,871 | 690,799,667 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase in net assets |
1,095,973,809 | 1,050,616,882 | 1,920,448,964 | 679,035,159 | ||||||||||||||||||||||||||||
Beginning of year |
1,119,613,408 | 68,996,526 | 726,291,981 | 47,256,822 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of year |
$ | 2,215,587,217 | $ | 1,119,613,408 | $ | 2,646,740,945 | $ | 726,291,981 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
51 |
Statements of Changes in Net Assets (continued)
iShares iBonds Dec 2025 Term Treasury ETF |
iShares iBonds Dec 2026 Term Treasury ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 47,221,764 | $ | 2,143,739 | $ | 10,650,160 | $ | 1,611,396 | ||||||||||||||||||||||||
Net realized loss |
(2,569,763 | ) | (3,146,147 | ) | (2,345,011 | ) | (3,820,872 | ) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(13,929,502 | ) | (6,017,310 | ) | (3,660,714 | ) | (5,559,470 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
30,722,499 | (7,019,718 | ) | 4,644,435 | (7,768,946 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(42,238,905 | ) | (1,262,837 | ) | (9,506,757 | ) | (1,311,849 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
1,205,217,958 | 325,469,098 | 351,955,716 | 114,300,076 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase in net assets |
1,193,701,552 | 317,186,543 | 347,093,394 | 105,219,281 | ||||||||||||||||||||||||||||
Beginning of year |
338,809,749 | 21,623,206 | 121,680,932 | 16,461,651 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of year |
$ | 1,532,511,301 | $ | 338,809,749 | $ | 468,774,326 | $ | 121,680,932 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
52 |
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 Changes in Net Assets (continued)
iShares iBonds Dec 2027 Term Treasury ETF |
iShares iBonds Dec 2028 Term Treasury ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 8,178,211 | $ | 798,957 | $ | 3,434,882 | $ | 326,234 | ||||||||||||||||||||||||
Net realized loss |
(415,619 | ) | (2,558,637 | ) | (1,186,299 | ) | (620,076 | ) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(5,386,794 | ) | (2,213,309 | ) | (3,907,232 | ) | (2,780,154 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,375,798 | (3,972,989 | ) | (1,658,649 | ) | (3,073,996 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(7,507,384 | ) | (605,669 | ) | (2,872,284 | ) | (284,375 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
148,717,984 | 109,683,926 | 168,503,725 | 19,144,177 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase in net assets |
143,586,398 | 105,105,268 | 163,972,792 | 15,785,806 | ||||||||||||||||||||||||||||
Beginning of year |
136,548,380 | 31,443,112 | 34,637,450 | 18,851,644 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of year |
$ | 280,134,778 | $ | 136,548,380 | $ | 198,610,242 | $ | 34,637,450 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
53 |
Statements of Changes in Net Assets (continued)
iShares iBonds Dec 2029 Term Treasury ETF |
iShares iBonds Dec 2030 Term Treasury ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 2,518,080 | $ | 345,253 | $ | 2,669,582 | $ | 1,778,609 | ||||||||||||||||||||||||
Net realized loss |
(2,382,599 | ) | (1,371,265 | ) | (5,950,999 | ) | (7,191,029 | ) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(1,714,708 | ) | (2,134,090 | ) | 1,258,705 | (10,440,330 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net decrease in net assets resulting from operations |
(1,579,227 | ) | (3,160,102 | ) | (2,022,712 | ) | (15,852,750 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(2,223,361 | ) | (257,403 | ) | (2,472,543 | ) | (1,460,782 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
84,641,970 | 24,275,915 | 78,845,916 | 88,198,943 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase in net assets |
80,839,382 | 20,858,410 | 74,350,661 | 70,885,411 | ||||||||||||||||||||||||||||
Beginning of year |
38,370,215 | 17,511,805 | 74,378,054 | 3,492,643 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of year |
$ | 119,209,597 | $ | 38,370,215 | $ | 148,728,715 | $ | 74,378,054 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
54 |
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 Changes in Net Assets (continued)
iShares iBonds Dec 2031 Term Treasury ETF |
iShares iBonds Dec 2032 Term Treasury ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/23 |
|
|
Period From 07/06/22 to 10/31/22 |
(a)
| |||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 1,934,236 | $ | 276,465 | $ | 2,469,924 | $ | 40,162 | ||||||||||||||||||||||||
Net realized loss |
(221,110 | ) | (1,356,335 | ) | (193,309 | ) | (100,405 | ) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(8,099,270 | ) | (1,744,029 | ) | (9,437,928 | ) | (351,077 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net decrease in net assets resulting from operations |
(6,386,144 | ) | (2,823,899 | ) | (7,161,313 | ) | (411,320 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,586,102 | ) | (218,224 | ) | (2,038,743 | ) | (27,829 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
111,725,174 | 14,687,889 | 139,949,762 | 4,982,474 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total increase in net assets |
103,752,928 | 11,645,766 | 130,749,706 | 4,543,325 | ||||||||||||||||||||||||||||
Beginning of period |
14,110,923 | 2,465,157 | 4,543,325 | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of period |
$ | 117,863,851 | $ | 14,110,923 | $ | 135,293,031 | $ | 4,543,325 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
55 |
Statements of Changes in Net Assets (continued)
iShares
|
||||
|
Period From 06/27/23 to 10/31/23 |
(a)
| ||
|
||||
INCREASE (DECREASE) IN NET ASSETS |
||||
OPERATIONS |
||||
Net investment income |
$ | 370,634 | ||
Net realized loss |
(466,156 | ) | ||
Net change in unrealized appreciation (depreciation) |
(1,490,036 | ) | ||
|
|
|||
Net decrease in net assets resulting from operations |
(1,585,558 | ) | ||
|
|
|||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||
Decrease in net assets resulting from distributions to shareholders |
(148,569 | ) | ||
|
|
|||
CAPITAL SHARE TRANSACTIONS |
||||
Net increase in net assets derived from capital share transactions |
70,678,103 | |||
|
|
|||
NET ASSETS |
||||
Total increase in net assets |
68,943,976 | |||
Beginning of period |
— | |||
|
|
|||
End of period |
$ | 68,943,976 | ||
|
|
(a) |
Commencement of operations. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
56 |
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 |
(For a share outstanding throughout each period)
iShares iBonds Dec 2023 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 24.72 | $ | 25.55 | $ | 25.71 | $ | 24.99 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
1.12 | 0.64 | 0.07 | 0.11 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
0.03 | (1.24 | ) | (0.15 | ) | 0.70 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
1.15 | (0.60 | ) | (0.08 | ) | 0.81 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(1.05 | ) | (0.23 | ) | (0.08 | ) | (0.09 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 24.82 | $ | 24.72 | $ | 25.55 | $ | 25.71 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
4.78 | % | (2.39 | )% | (0.30 | )% | 3.25 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.05 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
4.53 | % | 2.55 | % | 0.28 | % | 0.63 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 2,215,587 | $ | 1,119,613 | $ | 68,997 | $ | 17,996 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
0 | % | 29 | % | 10 | % | 1 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2024 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 23.85 | $ | 25.54 | $ | 25.93 | $ | 25.04 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
1.02 | 0.59 | 0.12 | 0.12 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.09 | ) | (1.97 | ) | (0.35 | ) | 0.87 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
0.93 | (1.38 | ) | (0.23 | ) | 0.99 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions(d) |
||||||||||||||||
From net investment income |
(0.94 | ) | (0.31 | ) | (0.14 | ) | (0.10 | ) | ||||||||
From net realized gain |
— | — | (0.02 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(0.94 | ) | (0.31 | ) | (0.16 | ) | (0.10 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 23.84 | $ | 23.85 | $ | 25.54 | $ | 25.93 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
3.98 | % | (5.43 | )% | (0.90 | )% | 3.95 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
4.30 | % | 2.45 | % | 0.46 | % | 0.69 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 2,646,741 | $ | 726,292 | $ | 47,257 | $ | 12,964 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
7 | % | 63 | % | 112 | % | 7 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
58 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2025 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 23.21 | $ | 25.44 | $ | 26.07 | $ | 25.07 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.96 | 0.55 | 0.15 | 0.13 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.21 | ) | (2.48 | ) | (0.62 | ) | 0.97 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
0.75 | (1.93 | ) | (0.47 | ) | 1.10 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.88 | ) | (0.30 | ) | (0.16 | ) | (0.10 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 23.08 | $ | 23.21 | $ | 25.44 | $ | 26.07 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
3.28 | % | (7.64 | )% | (1.83 | )% | 4.39 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
4.12 | % | 2.30 | % | 0.58 | % | 0.71 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 1,532,511 | $ | 338,810 | $ | 21,623 | $ | 15,642 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
15 | % | 63 | % | 15 | % | 2 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
59 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2026 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 22.53 | $ | 25.33 | $ | 26.15 | $ | 25.02 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.85 | 0.50 | 0.16 | 0.12 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.17 | ) | (2.95 | ) | (0.82 | ) | 1.11 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
0.68 | (2.45 | ) | (0.66 | ) | 1.23 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.78 | ) | (0.35 | ) | (0.16 | ) | (0.10 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 22.43 | $ | 22.53 | $ | 25.33 | $ | 26.15 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
3.01 | % | (9.70 | )% | (2.55 | )% | 4.90 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
3.76 | % | 2.11 | % | 0.62 | % | 0.69 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 468,774 | $ | 121,681 | $ | 16,462 | $ | 22,230 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
29 | % | 76 | % | 41 | % | 5 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
60 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2027 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 22.02 | $ | 25.15 | $ | 26.19 | $ | 25.05 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.85 | 0.45 | 0.20 | 0.12 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.37 | ) | (3.24 | ) | (1.06 | ) | 1.11 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
0.48 | (2.79 | ) | (0.86 | ) | 1.23 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.78 | ) | (0.34 | ) | (0.18 | ) | (0.09 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 21.72 | $ | 22.02 | $ | 25.15 | $ | 26.19 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
2.13 | % | (11.18 | )% | (3.31 | )% | 4.92 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
3.82 | % | 1.92 | % | 0.78 | % | 0.66 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 280,135 | $ | 136,548 | $ | 31,443 | $ | 14,405 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
10 | % | 58 | % | 18 | % | 45 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
61 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2028 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 21.65 | $ | 25.14 | $ | 26.30 | $ | 25.14 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.76 | 0.36 | 0.21 | 0.13 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.39 | ) | (3.54 | ) | (1.17 | ) | 1.13 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
0.37 | (3.18 | ) | (0.96 | ) | 1.26 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.66 | ) | (0.31 | ) | (0.20 | ) | (0.10 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 21.36 | $ | 21.65 | $ | 25.14 | $ | 26.30 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
1.62 | % | (12.70 | )% | (3.71 | )% | 5.01 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
3.47 | % | 1.54 | % | 0.83 | % | 0.71 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 198,610 | $ | 34,637 | $ | 18,852 | $ | 14,467 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
15 | % | 34 | % | 73 | % | 10 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
62 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2029 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 02/25/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 21.32 | $ | 25.02 | $ | 26.27 | $ | 25.04 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.78 | 0.39 | 0.19 | 0.14 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.65 | ) | (3.81 | ) | (1.25 | ) | 1.20 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
0.13 | (3.42 | ) | (1.06 | ) | 1.34 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.72 | ) | (0.28 | ) | (0.19 | ) | (0.11 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 20.73 | $ | 21.32 | $ | 25.02 | $ | 26.27 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
0.55 | % | (13.72 | )% | (4.08 | )% | 5.35 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
3.63 | % | 1.68 | % | 0.74 | % | 0.78 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 119,210 | $ | 38,370 | $ | 17,512 | $ | 23,645 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
34 | % | 51 | % | 0 | %(j) | 19 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
(j) |
Rounds to less than 0.5%. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
63 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2030 Term Treasury ETF
|
||||||||||||||||
|
|
|||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Period From 07/14/20 to 10/31/20 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 19.32 | $ | 23.28 | $ | 24.58 | $ | 25.06 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.58 | 0.49 | 0.20 | 0.04 | ||||||||||||
Net realized and unrealized loss(c) |
(0.73 | ) | (4.11 | ) | (1.32 | ) | (0.49 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net decrease from investment operations |
(0.15 | ) | (3.62 | ) | (1.12 | ) | (0.45 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.58 | ) | (0.34 | ) | (0.18 | ) | (0.03 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 18.59 | $ | 19.32 | $ | 23.28 | $ | 24.58 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
(0.88 | )% | (15.69 | )% | (4.58 | )% | (1.81 | )%(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
2.99 | % | 2.36 | % | 0.83 | % | 0.53 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 148,729 | $ | 74,378 | $ | 3,493 | $ | 2,458 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
43 | % | 0 | %(j) | 37 | % | 36 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
(j) |
Rounds to less than 1%. |
See notes to financial statements.
64 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2031 Term Treasury ETF
|
||||||||||||
|
|
|||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
|
|
Period From 07/13/21 to 10/31/21 |
(a)
| ||||
|
||||||||||||
Net asset value, beginning of period |
$ | 20.16 | $ | 24.65 | $ | 24.91 | ||||||
|
|
|
|
|
|
|||||||
Net investment income(b) |
0.69 | 0.55 | 0.10 | |||||||||
Net realized and unrealized loss(c) |
(1.07 | ) | (4.63 | ) | (0.30 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease from investment operations |
(0.38 | ) | (4.08 | ) | (0.20 | ) | ||||||
|
|
|
|
|
|
|||||||
Distributions(d) |
||||||||||||
From net investment income |
(0.62 | ) | (0.39 | ) | (0.06 | ) | ||||||
From net realized gain |
— | (0.02 | ) | — | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
(0.62 | ) | (0.41 | ) | (0.06 | ) | ||||||
|
|
|
|
|
|
|||||||
Net asset value, end of period |
$ | 19.16 | $ | 20.16 | $ | 24.65 | ||||||
|
|
|
|
|
|
|||||||
Total Return(e) |
||||||||||||
Based on net asset value |
(2.03 | )% | (16.73 | )% | (0.81 | )%(f) | ||||||
|
|
|
|
|
|
|||||||
Ratios to Average Net Assets(g) |
||||||||||||
Total expenses |
0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||
|
|
|
|
|
|
|||||||
Total expenses after fees waived |
0.07 | % | 0.07 | % | 0.07 | %(h) | ||||||
|
|
|
|
|
|
|||||||
Net investment income |
3.38 | % | 2.54 | % | 1.29 | %(h) | ||||||
|
|
|
|
|
|
|||||||
Supplemental Data |
||||||||||||
Net assets, end of period (000) |
$ | 117,864 | $ | 14,111 | $ | 2,465 | ||||||
|
|
|
|
|
|
|||||||
Portfolio turnover rate(i) |
0 | %(j) | 10 | % | 26 | % | ||||||
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
(j) |
Rounds to less than 0.5%. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
65 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds Dec 2032 Term Treasury ETF
|
||||||||
|
|
|||||||
|
Year Ended 10/31/23 |
|
|
Period From 07/06/22 to 10/31/22 |
(a)
| |||
|
||||||||
Net asset value, beginning of period |
$ | 22.72 | $ | 24.88 | ||||
|
|
|
|
|||||
Net investment income(b) |
0.84 | 0.23 | ||||||
Net realized and unrealized loss(c) |
(1.33 | ) | (2.25 | ) | ||||
|
|
|
|
|||||
Net decrease from investment operations |
(0.49 | ) | (2.02 | ) | ||||
|
|
|
|
|||||
Distributions from net investment income(d) |
(0.75 | ) | (0.14 | ) | ||||
|
|
|
|
|||||
Net asset value, end of period |
$ | 21.48 | $ | 22.72 | ||||
|
|
|
|
|||||
Total Return(e) |
||||||||
Based on net asset value |
(2.37 | )% | (8.16 | )%(f) | ||||
|
|
|
|
|||||
Ratios to Average Net Assets(g) |
||||||||
Total expenses |
0.07 | % | 0.07 | %(h) | ||||
|
|
|
|
|||||
Total expenses after fees waived |
0.07 | % | 0.07 | %(h) | ||||
|
|
|
|
|||||
Net investment income |
3.67 | % | 2.97 | %(h) | ||||
|
|
|
|
|||||
Supplemental Data |
||||||||
Net assets, end of period (000) |
$ | 135,293 | $ | 4,543 | ||||
|
|
|
|
|||||
Portfolio turnover rate(i) |
13 | % | 47 | % | ||||
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
66 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares
|
||||
|
|
|||
|
Period From 06/27/23 to |
(a)
| ||
|
||||
Net asset value, beginning of period |
$ | 25.00 | ||
|
|
|||
Net investment income(b) |
0.35 | |||
Net realized and unrealized loss(c) |
(2.19 | ) | ||
|
|
|||
Net decrease from investment operations |
(1.84 | ) | ||
|
|
|||
Distributions from net investment income(d) |
(0.18 | ) | ||
|
|
|||
Net asset value, end of period |
$ | 22.98 | ||
|
|
|||
Total Return(e) |
||||
Based on net asset value |
(7.38 | )%(f) | ||
|
|
|||
Ratios to Average Net Assets(g) |
||||
Total expenses |
0.07 | %(h) | ||
|
|
|||
Total expenses after fees waived |
0.07 | %(h) | ||
|
|
|||
Net investment income |
4.18 | %(h) | ||
|
|
|||
Supplemental Data |
||||
Net assets, end of period (000) |
$ | 68,944 | ||
|
|
|||
Portfolio turnover rate(i) |
55 | % | ||
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
67 |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification | |
iBonds Dec 2023 Term Treasury |
Diversified(a) | |
iBonds Dec 2024 Term Treasury |
Diversified(a) | |
iBonds Dec 2025 Term Treasury |
Diversified(a) | |
iBonds Dec 2026 Term Treasury |
Diversified(a) | |
iBonds Dec 2027 Term Treasury |
Diversified(a) | |
iBonds Dec 2028 Term Treasury |
Diversified(a) | |
iBonds Dec 2029 Term Treasury |
Diversified(a) | |
iBonds Dec 2030 Term Treasury |
Diversified | |
iBonds Dec 2031 Term Treasury |
Diversified | |
iBonds Dec 2032 Term Treasury |
Diversified | |
iBonds Dec 2033 Term Treasury(b) |
Diversified |
(a) |
The Fund’s classification changed from non-diversified to diversified during the reporting period. |
(b) |
The Fund commenced operations on June 27, 2023. |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
68 |
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 |
Notes to Financial Statements (continued)
• |
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
69 |
Notes to Financial Statements (continued)
In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
iBonds Dec 2023 Term Treasury |
||||||||||||||||
Morgan Stanley |
$ | 16,892,354 | $ | (16,892,354 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds Dec 2024 Term Treasury |
||||||||||||||||
Barclays Capital, Inc. |
$ | 24,203,125 | $ | (24,203,125 | ) | $ | — | $ | — | |||||||
Morgan Stanley |
48,645,899 | (48,645,899 | ) | — | — | |||||||||||
TD Securities (USA) LLC |
15,829,375 | (15,829,375 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 88,678,399 | $ | (88,678,399 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.07%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
iShares ETF | Amounts Waived | |||
iBonds Dec 2023 Term Treasury |
$ | 411,302 | ||
iBonds Dec 2024 Term Treasury |
12,520 | |||
iBonds Dec 2025 Term Treasury |
6,936 | |||
iBonds Dec 2026 Term Treasury |
1,460 | |||
iBonds Dec 2027 Term Treasury |
540 | |||
iBonds Dec 2028 Term Treasury |
609 | |||
iBonds Dec 2029 Term Treasury |
295 | |||
iBonds Dec 2030 Term Treasury |
625 | |||
iBonds Dec 2031 Term Treasury |
212 | |||
iBonds Dec 2032 Term Treasury |
135 | |||
iBonds Dec 2033 Term Treasury |
19 |
70 |
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 |
Notes to Financial Statements (continued)
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
iBonds Dec 2023 Term Treasury |
$ | 174,638 | ||
iBonds Dec 2024 Term Treasury |
10,982 | |||
iBonds Dec 2025 Term Treasury |
1,202 | |||
iBonds Dec 2026 Term Treasury |
28 | |||
iBonds Dec 2027 Term Treasury |
57 | |||
iBonds Dec 2028 Term Treasury |
103 | |||
iBonds Dec 2029 Term Treasury |
12 | |||
iBonds Dec 2031 Term Treasury |
89 | |||
iBonds Dec 2032 Term Treasury |
42 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
71 |
Notes to Financial Statements (continued)
6. |
PURCHASES AND SALES |
For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
U.S. Government Securities | ||||||||
iShares ETF | Purchases | Sales | ||||||
iBonds Dec 2023 Term Treasury |
$ | — | $ | 98,907,685 | ||||
iBonds Dec 2024 Term Treasury |
128,223,265 | 195,774,103 | ||||||
iBonds Dec 2025 Term Treasury |
162,806,723 | 201,666,483 | ||||||
iBonds Dec 2026 Term Treasury |
82,157,836 | 88,801,112 | ||||||
iBonds Dec 2027 Term Treasury |
21,947,264 | 26,392,909 | ||||||
iBonds Dec 2028 Term Treasury |
14,833,375 | 16,828,576 | ||||||
iBonds Dec 2029 Term Treasury |
23,733,346 | 24,181,868 | ||||||
iBonds Dec 2030 Term Treasury |
38,377,484 | 40,990,042 | ||||||
iBonds Dec 2031 Term Treasury |
155,046 | 1,133,841 | ||||||
iBonds Dec 2032 Term Treasury |
8,841,724 | 9,367,601 | ||||||
iBonds Dec 2033 Term Treasury |
85,380,614 | 15,560,335 |
For the year ended October 31, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
iBonds Dec 2023 Term Treasury |
$ | 1,878,957,999 | $ | 516,585,096 | ||||
iBonds Dec 2024 Term Treasury |
2,119,024,833 | 214,297,220 | ||||||
iBonds Dec 2025 Term Treasury |
1,386,520,087 | 193,354,992 | ||||||
iBonds Dec 2026 Term Treasury |
373,170,395 | 24,930,053 | ||||||
iBonds Dec 2027 Term Treasury |
202,419,155 | 54,911,213 | ||||||
iBonds Dec 2028 Term Treasury |
193,535,525 | 26,963,006 | ||||||
iBonds Dec 2029 Term Treasury |
85,786,828 | 2,133,133 | ||||||
iBonds Dec 2030 Term Treasury |
136,987,016 | 59,298,426 | ||||||
iBonds Dec 2031 Term Treasury |
136,141,168 | 25,331,145 | ||||||
iBonds Dec 2032 Term Treasury |
161,493,020 | 23,030,653 | ||||||
iBonds Dec 2033 Term Treasury |
67,361,105 | — |
7. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings (Loss) |
||||||
iBonds Dec 2023 Term Treasury |
$ | (209,797) | $ | 209,797 | ||||
iBonds Dec 2024 Term Treasury |
514,460 | (514,460 | ) | |||||
iBonds Dec 2025 Term Treasury |
403,086 | (403,086 | ) | |||||
iBonds Dec 2026 Term Treasury |
323,877 | (323,877 | ) | |||||
iBonds Dec 2027 Term Treasury |
576,081 | (576,081 | ) | |||||
iBonds Dec 2028 Term Treasury |
402,400 | (402,400 | ) | |||||
iBonds Dec 2029 Term Treasury |
14,547 | (14,547 | ) | |||||
iBonds Dec 2030 Term Treasury |
98,966 | (98,966 | ) | |||||
iBonds Dec 2031 Term Treasury |
31,734 | (31,734 | ) | |||||
iBonds Dec 2032 Term Treasury |
124,825 | (124,825 | ) |
72 |
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 |
Notes to Financial Statements (continued)
The tax character of distributions paid was as follows:
|
||||||||
iShares ETF | Year Ended 10/31/23 |
Year Ended 10/31/22 |
||||||
|
||||||||
iBonds Dec 2023 Term Treasury |
||||||||
Ordinary income |
$ | 108,095,152 | $ | 2,873,254 | ||||
|
|
|
|
|||||
iBonds Dec 2024 Term Treasury |
||||||||
Ordinary income |
$ | 80,598,526 | $ | 3,252,740 | ||||
|
|
|
|
|||||
iBonds Dec 2025 Term Treasury |
||||||||
Ordinary income |
$ | 42,238,905 | $ | 1,262,837 | ||||
|
|
|
|
|||||
iBonds Dec 2026 Term Treasury |
||||||||
Ordinary income |
$ | 9,506,757 | $ | 1,311,849 | ||||
|
|
|
|
|||||
iBonds Dec 2027 Term Treasury |
||||||||
Ordinary income |
$ | 7,507,384 | $ | 605,669 | ||||
|
|
|
|
|||||
iBonds Dec 2028 Term Treasury |
||||||||
Ordinary income |
$ | 2,872,284 | $ | 284,375 | ||||
|
|
|
|
|||||
iBonds Dec 2029 Term Treasury |
||||||||
Ordinary income |
$ | 2,223,361 | $ | 257,403 | ||||
|
|
|
|
|||||
iBonds Dec 2030 Term Treasury |
||||||||
Ordinary income |
$ | 2,472,543 | $ | 1,460,782 | ||||
|
|
|
|
|||||
iBonds Dec 2031 Term Treasury |
||||||||
Ordinary income |
$ | 1,586,102 | $ | 218,224 | ||||
|
|
|
|
|
||||||||
iShares ETF | Year Ended 10/31/23 |
Period Ended 10/31/22 |
||||||
|
||||||||
iBonds Dec 2032 Term Treasury |
||||||||
Ordinary income |
$ | 2,038,743 | $ | 27,829 | ||||
|
|
|
|
|
||||
iShares ETF | Period Ended 10/31/23 |
|||
|
||||
iBonds Dec 2033 Term Treasury |
||||
Ordinary income |
$ | 148,569 | ||
|
|
As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | |
Undistributed Ordinary Income |
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses) |
(b) |
Total | ||||||
iBonds Dec 2023 Term Treasury |
$ | 9,919,061 | $ | (2,589,394 | ) | $ | (522,710 | ) | $ | 6,806,957 | ||||||
iBonds Dec 2024 Term Treasury |
10,017,111 | (7,072,963 | ) | (16,484,435 | ) | (13,540,287 | ) | |||||||||
iBonds Dec 2025 Term Treasury |
5,877,747 | (5,993,028 | ) | (20,209,763 | ) | (20,325,044 | ) | |||||||||
iBonds Dec 2026 Term Treasury |
1,452,305 | (6,379,378 | ) | (9,482,524 | ) | (14,409,597 | ) | |||||||||
iBonds Dec 2027 Term Treasury |
886,458 | (3,711,632 | ) | (8,137,069 | ) | (10,962,243 | ) | |||||||||
iBonds Dec 2028 Term Treasury |
630,474 | (2,436,608 | ) | (7,235,674 | ) | (9,041,808 | ) | |||||||||
iBonds Dec 2029 Term Treasury |
392,454 | (3,674,248 | ) | (4,731,548 | ) | (8,013,342 | ) | |||||||||
iBonds Dec 2030 Term Treasury |
517,983 | (6,367,110 | ) | (9,325,795 | ) | (15,174,922 | ) | |||||||||
iBonds Dec 2031 Term Treasury |
412,303 | (319,672 | ) | (9,876,865 | ) | (9,784,234 | ) | |||||||||
iBonds Dec 2032 Term Treasury |
443,529 | (342,920 | ) | (9,864,639 | ) | (9,764,030 | ) | |||||||||
iBonds Dec 2033 Term Treasury |
222,065 | (466,156 | ) | (1,490,036 | ) | (1,734,127 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales. |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
73 |