This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 0-3 Month Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 5.11%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® 0-3 Month US Treasury Securities Index returned 3.96%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 26, 2020 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ||
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | |
ICE® 0-3 Month US Treasury Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was May 26, 2020.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® 0-3 month US Treasury Securities Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
0-1 Year........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Bills, 4.26%, 03/18/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.27%, 03/11/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.27%, 04/08/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.27%, 04/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.27%, 03/04/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.32%, 04/29/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.15%, 04/01/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.28%, 04/03/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.28%, 03/25/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.41%, 03/06/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Material fund changes
This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after February 28, 2025 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
Effective June 28, 2024, for its investment advisory services to the Fund, BlackRock Fund Advisors ("BFA") is entitled to an annual investment advisory fee of 0.09%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to June 28, 2024, BFA was entitled to an annual investment advisory fee of 0.12%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
The net expense ratio increased from the prior fiscal year end primarily due to the contractual fee waiver expiring during the year.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
SGOV-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 1-3 Year Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 5.15%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® U.S. Treasury 1-3 Year Bond Index returned 5.28%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE® U.S. Treasury 1-3 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The performance of the ICE® U.S. Treasury 1-3 Year Bond Index in this report reflects the performance of the Barclays U.S. 1-3 Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE® U.S. Treasury 1-3 Year Bond Index.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® U.S. Treasury 1-3 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
0-1 Year........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
1-2 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
2-3 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Notes, 0.75%, 05/31/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.00%, 01/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.25%, 03/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.50%, 05/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.38%, 07/31/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.75%, 04/15/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.63%, 05/15/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.63%, 06/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.50%, 04/15/27........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 0.75%, 08/31/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
SHY-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 3-7 Year Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 5.27%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® U.S. Treasury 3-7 Year Bond Index returned 5.40%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE® U.S. Treasury 3-7 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The performance of the ICE® U.S. Treasury 3-7 Year Bond Index in this report reflects the performance of the Barclays U.S. 3-7 Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE® U.S. Treasury 3-7 Year Bond Index.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® U.S. Treasury 3-7 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
1-2 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
2-3 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
3-4 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
4-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
5-6 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
6-7 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Notes, 2.63%, 02/15/29........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 1.38%, 10/31/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.38%, 11/30/30........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 1.25%, 09/30/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 1.00%, 07/31/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 2.88%, 08/15/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 2.38%, 05/15/29........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.13%, 11/15/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.13%, 08/31/30........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 1.38%, 11/15/31........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Footnote(b) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
IEI-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 7-10 Year Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 4.98%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® U.S. Treasury 7-10 Year Bond Index returned 5.11%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE® U.S. Treasury 7-10 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The performance of the ICE® U.S. Treasury 7-10 Year Bond Index in this report reflects the performance of the Barclays U.S. 7-10 Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE® U.S. Treasury 7-10 Year Bond Index.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® U.S. Treasury 7-10 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
6-7 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
7-8 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
8-9 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
9-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Notes, 4.38%, 05/15/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.00%, 02/15/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.88%, 08/15/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.50%, 11/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.25%, 11/15/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 4.13%, 11/15/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.88%, 08/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.50%, 02/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 3.38%, 05/15/33........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Notes, 2.75%, 08/15/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
IEF-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 10-20 Year Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 4.78%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® U.S. Treasury 10-20 Year Bond Index returned 4.83%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ( | |
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE® U.S. Treasury 10-20 Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ( |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The performance of the ICE® U.S. Treasury 10-20 Year Bond Index in this report reflects the performance of the Barclays U.S. 10-20 Year Treasury Bond Index through June 30, 2016 and, beginning on July 1, 2016, the performance of the ICE® U.S. Treasury 10-20 Year Bond Index.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® U.S. Treasury 10-20 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
4-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
5-6 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
6-7 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
7-8 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
9-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
10-11 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
11-12 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
12-13 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
13-14 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
14-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
15-16 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
16-17 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
17-18 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
18-19 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
19-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Bonds, 4.75%, 11/15/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.50%, 02/15/44........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 2.00%, 11/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 2.25%, 05/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 1.88%, 02/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 3.88%, 02/15/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 1.75%, 08/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 2.75%, 08/15/42........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.13%, 08/15/44........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.38%, 08/15/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Footnote(b) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TLH-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 20+ Year Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 2.33%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® U.S. Treasury 20+ Year Bond Index returned 2.46%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ( | |
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE® U.S. Treasury 20+ Year Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ( |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The performance of the ICE® U.S. Treasury 20+ Year Bond Index in this report reflects the performance of the Barclays U.S. 20+ Year Treasury Bond Index through March 31, 2016 and, beginning on April 1, 2016, the performance of the ICE® U.S. Treasury 20+ Year Bond Index.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® U.S. Treasury 20+ Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
20-25 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
25-30 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Bonds, 2.00%, 08/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 1.88%, 02/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 1.88%, 11/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.13%, 08/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.75%, 11/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 1.63%, 11/15/50........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.63%, 05/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.25%, 08/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 4.25%, 02/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bonds, 3.63%, 05/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TLT-02/25-AR
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares 25+ Year Treasury STRIPS Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned –1.70%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® BofA® Long US Treasury Principal STRIPS Index returned -1.62%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 22, 2020 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ( |
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | |
ICE®BofA® Long US Treasury Principal STRIPS Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ( |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The inception date of the Fund was September 22, 2020.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® BofA® Long US Treasury Principal STRIPS Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Maturity allocation
Ten largest holdings
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
20-25 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
25-30 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Bonds Principal STRIPS | |
0.00%, 02/15/52........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 11/15/50........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 02/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 08/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 08/15/50........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 11/15/51........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 02/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 08/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 11/15/53........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
0.00%, 05/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Material fund changes
This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after February 28, 2025 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The net expense ratio increased from the prior fiscal year end primarily due to the contractual fee waiver expiring during the prior fiscal year.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
GOVZ-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares Short Treasury Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 5.05%.
For the same period, the ICE BofA US Broad Market Index returned 5.84% and the ICE® Short US Treasury Securities Index returned 4.44%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration's policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund's performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE BofA US Broad Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
ICE® Short US Treasury Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE BofA US Broad Market Index in response to new regulatory requirements.
The performance of the ICE® Short US Treasury Securities Index in this report reflects the performance of the Barclays U.S. Short Treasury Bond Index through June 30, 2016 and, beginning on July 1, 2016, the performance of the ICE® Short US Treasury Securities Index.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE® Short US Treasury Securities Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
What did the Fund invest in?
(as of February 28, 2025)
Portfolio composition
Ten largest holdings
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Treasury Bills, 4.56%, 05/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.29%, 04/03/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.27%, 05/01/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.27%, 07/17/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.82%, 04/17/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.22%, 07/03/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.37%, 04/24/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.32%, 03/18/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.35%, 03/25/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Bills, 4.36%, 04/10/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
SHV-02/25-AR
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares California Muni Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 2.27%.
For the same period, the ICE AMT-Free US National Municipal Index returned 2.71% and the ICE AMT-Free California Municipal Index returned 2.37%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration’s policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further.
The municipal bond market saw substantially higher new volume on continued strong demand from individual investors during the reporting period. Tax-exempt yields experienced volatility as investors pondered potential changes in tax policies under the new presidential administration.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE AMT-Free California Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE AMT-Free US National Municipal Index in response to new regulatory requirements.
The performance of the ICE AMT-Free California Municipal Index in this report reflects the performance of the S&P California AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE AMT-Free California Municipal Index.
What did the Fund invest in?
(as of February 28, 2025)
Credit quality allocation
Ten largest holdings
S&P Credit RatingFootnote Reference* | Percent of Total
InvestmentsFootnote Reference(a) |
|---|---|
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
California Educational Facilities Authority, Series U-6, RB, 5.00%, 05/01/45........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
California State University, Series 2024A, RB, 5.50%, 11/01/55........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
San Francisco City & County Public Utilities Commission Wastewater, Series 2024C, RB, 5.00%, 10/01/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
State of California, GO, 5.00%, 11/01/32........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
University of California, Series 2023BN, RB, 5.50%, 05/15/40........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Bay Area Toll Authority, Series 2023A, RB, VRDN, 1.35%, 03/03/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Los Angeles Unified School District, Series 2024A, GO, 5.00%, 07/01/34........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
State of California, GO, 5.00%, 09/01/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
State of California, GO, 5.00%, 11/01/31........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
San Diego Unified School District, Series 2023A-3, GO, 5.00%, 07/01/48........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(a) | Excludes money market funds. |
Material fund changes
This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after February 28, 2025 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s investment advisory agreement during the prior fiscal year.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
CMF-02/25-AR
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares National Muni Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 2.52%.
For the same period, the ICE AMT-Free US National Municipal Index returned 2.71%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration’s policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further.
The municipal bond market saw substantially higher new volume on continued strong demand from individual investors during the reporting period. Tax-exempt yields experienced volatility as investors pondered potential changes in tax policies under the new presidential administration.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | ||
|---|---|---|
Mar 15 | $ | $ |
Apr 15 | $ | $ |
May 15 | $ | $ |
Jun 15 | $ | $ |
Jul 15 | $ | $ |
Aug 15 | $ | $ |
Sep 15 | $ | $ |
Oct 15 | $ | $ |
Nov 15 | $ | $ |
Dec 15 | $ | $ |
Jan 16 | $ | $ |
Feb 16 | $ | $ |
Mar 16 | $ | $ |
Apr 16 | $ | $ |
May 16 | $ | $ |
Jun 16 | $ | $ |
Jul 16 | $ | $ |
Aug 16 | $ | $ |
Sep 16 | $ | $ |
Oct 16 | $ | $ |
Nov 16 | $ | $ |
Dec 16 | $ | $ |
Jan 17 | $ | $ |
Feb 17 | $ | $ |
Mar 17 | $ | $ |
Apr 17 | $ | $ |
May 17 | $ | $ |
Jun 17 | $ | $ |
Jul 17 | $ | $ |
Aug 17 | $ | $ |
Sep 17 | $ | $ |
Oct 17 | $ | $ |
Nov 17 | $ | $ |
Dec 17 | $ | $ |
Jan 18 | $ | $ |
Feb 18 | $ | $ |
Mar 18 | $ | $ |
Apr 18 | $ | $ |
May 18 | $ | $ |
Jun 18 | $ | $ |
Jul 18 | $ | $ |
Aug 18 | $ | $ |
Sep 18 | $ | $ |
Oct 18 | $ | $ |
Nov 18 | $ | $ |
Dec 18 | $ | $ |
Jan 19 | $ | $ |
Feb 19 | $ | $ |
Mar 19 | $ | $ |
Apr 19 | $ | $ |
May 19 | $ | $ |
Jun 19 | $ | $ |
Jul 19 | $ | $ |
Aug 19 | $ | $ |
Sep 19 | $ | $ |
Oct 19 | $ | $ |
Nov 19 | $ | $ |
Dec 19 | $ | $ |
Jan 20 | $ | $ |
Feb 20 | $ | $ |
Mar 20 | $ | $ |
Apr 20 | $ | $ |
May 20 | $ | $ |
Jun 20 | $ | $ |
Jul 20 | $ | $ |
Aug 20 | $ | $ |
Sep 20 | $ | $ |
Oct 20 | $ | $ |
Nov 20 | $ | $ |
Dec 20 | $ | $ |
Jan 21 | $ | $ |
Feb 21 | $ | $ |
Mar 21 | $ | $ |
Apr 21 | $ | $ |
May 21 | $ | $ |
Jun 21 | $ | $ |
Jul 21 | $ | $ |
Aug 21 | $ | $ |
Sep 21 | $ | $ |
Oct 21 | $ | $ |
Nov 21 | $ | $ |
Dec 21 | $ | $ |
Jan 22 | $ | $ |
Feb 22 | $ | $ |
Mar 22 | $ | $ |
Apr 22 | $ | $ |
May 22 | $ | $ |
Jun 22 | $ | $ |
Jul 22 | $ | $ |
Aug 22 | $ | $ |
Sep 22 | $ | $ |
Oct 22 | $ | $ |
Nov 22 | $ | $ |
Dec 22 | $ | $ |
Jan 23 | $ | $ |
Feb 23 | $ | $ |
Mar 23 | $ | $ |
Apr 23 | $ | $ |
May 23 | $ | $ |
Jun 23 | $ | $ |
Jul 23 | $ | $ |
Aug 23 | $ | $ |
Sep 23 | $ | $ |
Oct 23 | $ | $ |
Nov 23 | $ | $ |
Dec 23 | $ | $ |
Jan 24 | $ | $ |
Feb 24 | $ | $ |
Mar 24 | $ | $ |
Apr 24 | $ | $ |
May 24 | $ | $ |
Jun 24 | $ | $ |
Jul 24 | $ | $ |
Aug 24 | $ | $ |
Sep 24 | $ | $ |
Oct 24 | $ | $ |
Nov 24 | $ | $ |
Dec 24 | $ | $ |
Jan 25 | $ | $ |
Feb 25 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The performance of the ICE AMT-Free US National Municipal Index in this report reflects the performance of the S&P National AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE AMT-Free US National Municipal Index.
What did the Fund invest in?
(as of February 28, 2025)
Credit quality allocation
Ten largest states
S&P Credit RatingFootnote Reference* | Percent of Total
InvestmentsFootnote Reference(a) |
|---|---|
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
State | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
California ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New Jersey ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Massachusetts ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Washington ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Pennsylvania ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Maryland ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Georgia ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(a) | Excludes money market funds. |
Footnote(b) | Rounds to less than 0.1%. |
Material fund changes
This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after February 28, 2025 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
The net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s investment advisory agreement during the prior fiscal year.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MUB-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares New York Muni Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 2.42%.
For the same period, the ICE AMT-Free US National Municipal Index returned 2.71% and the ICE AMT-Free New York Plus Municipal Index returned 2.69%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration’s policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further.
The municipal bond market saw substantially higher new volume on continued strong demand from individual investors during the reporting period. Tax-exempt yields experienced volatility as investors pondered potential changes in tax policies under the new presidential administration.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE AMT-Free New York Plus Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE AMT-Free US National Municipal Index in response to new regulatory requirements.
The performance of the ICE AMT-Free New York Plus Municipal Index in this report reflects the performance of the S&P New York AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE AMT-Free New York Plus Municipal Index.
What did the Fund invest in?
(as of February 28, 2025)
Credit quality allocation
Ten largest holdings
S&P Credit RatingFootnote Reference* | Percent of Total
InvestmentsFootnote Reference(a) |
|---|---|
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Security | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
Utility Debt Securitization Authority, Series 2023TE-1, RB, 5.00%, 12/15/41........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Empire State Development Corp., Series 2017A, RB, 5.00%, 03/15/29........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New York City Transitional Finance Authority Future Tax Secured, Series 2023A-1, RB, 5.25%, 08/01/42........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Triborough Bridge & Tunnel Authority, Series 2025A, RB, 5.00%, 02/01/28........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New York State Dormitory Authority, Series 2020A, RB, 5.00%, 07/01/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New York Power Authority, Series 2024A, RB, 5.00%, 11/15/35........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New York City Transitional Finance Authority, Series 2024G-1, RB, 5.00%, 05/01/43........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Battery Park City Authority, Series 2019D-2, RB, VRDN, 1.50%, 03/03/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New York State Dormitory Authority, Series 2024A, RB, 5.50%, 07/01/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Empire State Development Corp., Series 2024A, RB, 5.00%, 03/15/54........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(a) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
NYF-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares Short-Term National Muni Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 3.02%.
For the same period, the ICE AMT-Free US National Municipal Index returned 2.71% and the ICE® Short Maturity AMT-Free US National Municipal Index returned 3.14%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration’s policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further.
The municipal bond market saw substantially higher new volume on continued strong demand from individual investors during the reporting period. Tax-exempt yields experienced volatility as investors pondered potential changes in tax policies under the new presidential administration.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
ICE® Short Maturity AMT-Free US National Municipal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the ICE AMT-Free US National Municipal Index in response to new regulatory requirements.
The performance of the ICE® Short Maturity AMT-Free US National Municipal Index in this report reflects the performance of the S&P Short Term National AMT-Free Municipal Bond Index™ through September 14, 2021 and, beginning on September 15, 2021, the performance of the ICE® Short Maturity AMT-Free US National Municipal Index.
What did the Fund invest in?
(as of February 28, 2025)
Credit quality allocation
Ten largest states
S&P Credit RatingFootnote Reference* | Percent of Total
InvestmentsFootnote Reference(a) |
|---|---|
AAA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
AA-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
State | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
New York ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
California ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Texas ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Washington ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Maryland ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Illinois ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
New Jersey ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Massachusetts ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Virginia ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Minnesota ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(a) | Excludes money market funds. |
Footnote(b) | Rounds to less than 0.1%. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
SUB-02/25-AR
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares Agency Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 5.30%.
For the same period, the Bloomberg U.S. Aggregate Index returned 6.30% and the Bloomberg U.S. Agency Bond Index returned 5.44%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration’s policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) Corporate bond spreads over Treasuries tightened during the reporting period, suggesting investors demanded less additional yield over to hold corporate bonds.
What detracted from performance?
There were no meaningful detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 1, 2015 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Mar 15 | $ | $ | $ |
Apr 15 | $ | $ | $ |
May 15 | $ | $ | $ |
Jun 15 | $ | $ | $ |
Jul 15 | $ | $ | $ |
Aug 15 | $ | $ | $ |
Sep 15 | $ | $ | $ |
Oct 15 | $ | $ | $ |
Nov 15 | $ | $ | $ |
Dec 15 | $ | $ | $ |
Jan 16 | $ | $ | $ |
Feb 16 | $ | $ | $ |
Mar 16 | $ | $ | $ |
Apr 16 | $ | $ | $ |
May 16 | $ | $ | $ |
Jun 16 | $ | $ | $ |
Jul 16 | $ | $ | $ |
Aug 16 | $ | $ | $ |
Sep 16 | $ | $ | $ |
Oct 16 | $ | $ | $ |
Nov 16 | $ | $ | $ |
Dec 16 | $ | $ | $ |
Jan 17 | $ | $ | $ |
Feb 17 | $ | $ | $ |
Mar 17 | $ | $ | $ |
Apr 17 | $ | $ | $ |
May 17 | $ | $ | $ |
Jun 17 | $ | $ | $ |
Jul 17 | $ | $ | $ |
Aug 17 | $ | $ | $ |
Sep 17 | $ | $ | $ |
Oct 17 | $ | $ | $ |
Nov 17 | $ | $ | $ |
Dec 17 | $ | $ | $ |
Jan 18 | $ | $ | $ |
Feb 18 | $ | $ | $ |
Mar 18 | $ | $ | $ |
Apr 18 | $ | $ | $ |
May 18 | $ | $ | $ |
Jun 18 | $ | $ | $ |
Jul 18 | $ | $ | $ |
Aug 18 | $ | $ | $ |
Sep 18 | $ | $ | $ |
Oct 18 | $ | $ | $ |
Nov 18 | $ | $ | $ |
Dec 18 | $ | $ | $ |
Jan 19 | $ | $ | $ |
Feb 19 | $ | $ | $ |
Mar 19 | $ | $ | $ |
Apr 19 | $ | $ | $ |
May 19 | $ | $ | $ |
Jun 19 | $ | $ | $ |
Jul 19 | $ | $ | $ |
Aug 19 | $ | $ | $ |
Sep 19 | $ | $ | $ |
Oct 19 | $ | $ | $ |
Nov 19 | $ | $ | $ |
Dec 19 | $ | $ | $ |
Jan 20 | $ | $ | $ |
Feb 20 | $ | $ | $ |
Mar 20 | $ | $ | $ |
Apr 20 | $ | $ | $ |
May 20 | $ | $ | $ |
Jun 20 | $ | $ | $ |
Jul 20 | $ | $ | $ |
Aug 20 | $ | $ | $ |
Sep 20 | $ | $ | $ |
Oct 20 | $ | $ | $ |
Nov 20 | $ | $ | $ |
Dec 20 | $ | $ | $ |
Jan 21 | $ | $ | $ |
Feb 21 | $ | $ | $ |
Mar 21 | $ | $ | $ |
Apr 21 | $ | $ | $ |
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 years | 10 Years |
|---|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | ||
Bloomberg U.S. Agency Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
What did the Fund invest in?
(as of February 28, 2025)
Portfolio composition
Maturity allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
0-1 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
1-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
5-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
10-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
More than 20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote(a) | Excludes money market funds. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
AGZ-02/25-AR
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares BBB Rated Corporate Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 6.74%.
For the same period, the Bloomberg U.S. Aggregate Index returned 6.30% and the iBoxx USD Liquid Investment Grade BBB 0+ Index returned 6.90%.
What contributed to performance?
Fixed income prices gained amid a generally positive economic backdrop, although the end of the reporting period saw increased volatility due to the presidential election and the economic implications of the new administration’s policies. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (the difference between a shorter-term bond and a longer-term bond, most often gauged by the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) Corporate bond spreads over Treasuries tightened during the reporting period, suggesting investors demanded less additional yield over to hold corporate bonds.
What detracted from performance?
There were no meaningful detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 18, 2021 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
May 21 | $ | $ | $ |
Jun 21 | $ | $ | $ |
Jul 21 | $ | $ | $ |
Aug 21 | $ | $ | $ |
Sep 21 | $ | $ | $ |
Oct 21 | $ | $ | $ |
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | |
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | |
iBoxx USD Liquid Investment Grade BBB 0+ Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was
What did the Fund invest in?
(as of February 28, 2025)
Credit quality allocation
Maturity allocation
S&P Credit RatingFootnote Reference* | Percent of Total
InvestmentsFootnote Reference(a) |
|---|---|
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BBB-........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
BB+........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
0-1 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
1-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
5-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
10-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
More than 20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote* | Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
Footnote(a) | Excludes money market funds. |
Material fund changes
This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after February 28, 2025 atblackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
On May 20, 2024, the Fund changed from non-diversified to diversified under the Investment Company Act of 1940 and removed the Non-Diversification Risk.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited or Markit Indices Limited and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
LQDB-02/25-AR
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
iShares ESG Advanced Investment Grade Corporate Bond ETF | $ |
How did the Fund perform last year?
For the reporting period ended February 28, 2025, the Fund returned 6.18%.
For the same period, the Bloomberg U.S. Aggregate Index returned 6.30% and the iBoxx MSCI ESG Advanced USD Liquid Investment Grade Index returned 6.37%.
What contributed to performance?
During the reporting period, long-term bonds with maturities over ten years were the largest contributors to the Fund’s return. Also contributing were bonds rated A and Baa by Moody’s, which sit at the lower end of the investment grade scale. On a sector level, banking, communication, and consumer non discretionary benefited the Fund’s returns. Slowing inflationary trends led the U.S. Federal Reserve Bank to lower the federal funds rate three times during the reporting period. However, the central bank hit pause at its January meeting, stating it needed to see further progress on inflation before cutting rates any further. The yield curve (with the difference in yield between shorter-term and a longer-term bonds most often gauged by that of the two-year Treasury note and the 10-year Treasury note) normalized during the period as yields on longer-term bonds moved higher. (Bond yields move inversely to prices.) In this environment, shorter-term Treasuries outperformed their longer-dated counterparts.
What detracted from performance?
There were no meaningful detractors from the Fund’s performance during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: November 8, 2021 through February 28, 2025
Initial Investment of $10,000
Fund | |||
|---|---|---|---|
Nov 21 | $ | $ | $ |
Dec 21 | $ | $ | $ |
Jan 22 | $ | $ | $ |
Feb 22 | $ | $ | $ |
Mar 22 | $ | $ | $ |
Apr 22 | $ | $ | $ |
May 22 | $ | $ | $ |
Jun 22 | $ | $ | $ |
Jul 22 | $ | $ | $ |
Aug 22 | $ | $ | $ |
Sep 22 | $ | $ | $ |
Oct 22 | $ | $ | $ |
Nov 22 | $ | $ | $ |
Dec 22 | $ | $ | $ |
Jan 23 | $ | $ | $ |
Feb 23 | $ | $ | $ |
Mar 23 | $ | $ | $ |
Apr 23 | $ | $ | $ |
May 23 | $ | $ | $ |
Jun 23 | $ | $ | $ |
Jul 23 | $ | $ | $ |
Aug 23 | $ | $ | $ |
Sep 23 | $ | $ | $ |
Oct 23 | $ | $ | $ |
Nov 23 | $ | $ | $ |
Dec 23 | $ | $ | $ |
Jan 24 | $ | $ | $ |
Feb 24 | $ | $ | $ |
Mar 24 | $ | $ | $ |
Apr 24 | $ | $ | $ |
May 24 | $ | $ | $ |
Jun 24 | $ | $ | $ |
Jul 24 | $ | $ | $ |
Aug 24 | $ | $ | $ |
Sep 24 | $ | $ | $ |
Oct 24 | $ | $ | $ |
Nov 24 | $ | $ | $ |
Dec 24 | $ | $ | $ |
Jan 25 | $ | $ | $ |
Feb 25 | $ | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | Since Fund
Inception |
|---|---|---|
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | |
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( | |
iBoxx MSCI ESG Advanced USD Liquid Investment Grade Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | ( |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.
The inception date of the Fund was
What did the Fund invest in?
(as of February 28, 2025)
Credit quality allocation
Maturity allocation
Moody's Credit RatingFootnote Reference* | Percent of Total
InvestmentsFootnote Reference(a) |
|---|---|
Aaa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Not Rated........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Maturity | Percent of TotaI InvestmentsFootnote Reference(a) |
|---|---|
1-5 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
5-10 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
10-15 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
15-20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
More than 20 Years........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
| Footnote | Description |
Footnote* | 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. |
Footnote(a) | Excludes money market funds. |
Material fund changes
This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after February 28, 2025 atblackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).
On December 5, 2024, the Fund changed from non-diversified to diversified under the Investment Company Act of 1940 and removed the Non-Diversification Risk.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited or Markit Indices Limited and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
ELQD-02/25-AR