iShares^® iBonds^® 1-5 Year Corporate Ladder ETF

LDRC |NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year Corporate Ladder ETF (the “Fund”) for the period of November 7, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(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 iBonds 1-5 Year Corporate Ladder ETF	$0^{Footnote Reference(a)}^{Footnote Reference(b)}	0.00%^{Footnote Reference(b)}^{Footnote Reference(c)}

Footnote	Description
Footnote^(a)	The Fund commenced operations during the reporting period.
Footnote^(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(c)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$9,062,873
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.0%

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

All Holdings

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares iBonds Dec 2029 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1%
iShares iBonds Dec 2028 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
iShares iBonds Dec 2027 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2026 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9
iShares iBonds Dec 2025 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9

⁽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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC.

©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.

iShares iBonds 1-5 Year Corporate Ladder ETF

Semi-Annual Shareholder Report — April 30, 2025

LDRC-04/25-SAR

iShares^® iBonds^® 1-5 Year High Yield and Income Ladder ETF

LDRH |NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year High Yield and Income Ladder ETF (the “Fund”) for the period of November 7, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(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 iBonds 1-5 Year High Yield and Income Ladder ETF	$0^{Footnote Reference(a)}^{Footnote Reference(b)}	0.00%^{Footnote Reference(b)}^{Footnote Reference(c)}

Footnote	Description
Footnote^(a)	The Fund commenced operations during the reporting period.
Footnote^(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(c)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,956,802
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.0%

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

All Holdings

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares iBonds 2027 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1%
iShares iBonds 2026 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
iShares iBonds 2028 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds 2025 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9
iShares iBonds 2029 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9

⁽ᵃ⁾ Excludes money market funds.

Additional information

iShares iBonds 1-5 Year High Yield and Income Ladder ETF

Semi-Annual Shareholder Report — April 30, 2025

LDRH-04/25-SAR

iShares^® iBonds^® 1-5 Year TIPS Ladder ETF

LDRI |NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year TIPS Ladder ETF (the “Fund”) for the period of November 7, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(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 iBonds 1-5 Year TIPS Ladder ETF	$0^{Footnote Reference(a)}^{Footnote Reference(b)}	0.00%^{Footnote Reference(b)}^{Footnote Reference(c)}

Footnote	Description
Footnote^(a)	The Fund commenced operations during the reporting period.
Footnote^(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(c)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$7,140,791
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.0%

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

All Holdings

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares iBonds Oct 2029 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.2%
iShares iBonds Oct 2028 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.2
iShares iBonds Oct 2027 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1
iShares iBonds Oct 2026 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9
iShares iBonds Oct 2025 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6

⁽ᵃ⁾ Excludes money market funds.

Additional information

iShares iBonds 1-5 Year TIPS Ladder ETF

Semi-Annual Shareholder Report — April 30, 2025

LDRI-04/25-SAR

iShares^® iBonds^® 1-5 Year Treasury Ladder ETF

LDRT |NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year Treasury Ladder ETF (the “Fund”) for the period of November 7, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(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 iBonds 1-5 Year Treasury Ladder ETF	$0^{Footnote Reference(a)}^{Footnote Reference(b)}	0.00%^{Footnote Reference(b)}^{Footnote Reference(c)}

Footnote	Description
Footnote^(a)	The Fund commenced operations during the reporting period.
Footnote^(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(c)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$19,767,409
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.0%

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

All Holdings

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares iBonds Dec 2029 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.2%
iShares iBonds Dec 2028 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.2
iShares iBonds Dec 2027 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2026 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9
iShares iBonds Dec 2025 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7

⁽ᵃ⁾ Excludes money market funds.

Additional information

iShares iBonds 1-5 Year Treasury Ladder ETF

Semi-Annual Shareholder Report — April 30, 2025

LDRT-04/25-SAR

Board

Review

and

Approval

Investment

Advisory

Contract

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

iShares

iBonds

1-5

Year

Corporate

Ladder

ETF,

iShares

iBonds

1-5

Year

High

Yield

and

Income

Ladder

ETF,

iShares

iBonds

1-5

Year

TIPS

Ladder

ETF,

iShares

iBonds

1-5

Year

Treasury

Ladder

ETF

(each

the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust’s

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

consider

the

approval

the

proposed

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

terms

the

proposed

Advisory

Agreement.

meeting

held

June

3-5,

2024,

the

Board,

including

the

Independent

Board

Members,

approved

the

selection

BFA

investment

adviser

and

approved

the

proposed

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA.

The

Board

also

considered

information

previously

provided

BFA,

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

and

BlackRock,

Inc.

(“BlackRock”),

applicable,

prior

Board

meetings.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

the

availability

information

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

material

factors,

one

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

Advisory

Agreement

are

discussed

below.

Expenses

the

und:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

Based

this

review,

the

other

factors

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

the

Fund

supported

the

Board’s

approval

the

Advisory

Agreement.

Nature,

Extent

and

Quality

Services

Provided

BFA:

The

Board

reviewed

the

scope

services

provided

BFA

under

the

Advisory

Agreement.

reviewing

the

scope

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time

and

have

made

significant

investments

into

the

iShares

business

support

the

iShares

funds

and

their

shareholders.

The

Board

considered

representations

BFA,

BTC,

and

BlackRock

that

the

scope

and

quality

services

provided

the

Fund

would

similar

the

scope

and

quality

services

provided

other

iShares

funds.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

other

iShares

funds

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

who

will

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

that

will

available

them

managing

the

Fund.

The

Board

also

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

which

were

provided

throughout

the

year

with

respect

other

iShares

funds,

and

other

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

review

this

information,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

Advisory

Agreement.

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

Affiliates:

The

Board

did

not

consider

the

profitability

the

Fund

BFA

based

the

fees

payable

under

the

Advisory

Agreement

revenue

received

BFA

its

affiliates

connection

with

services

provided

the

Fund

since

the

proposed

relationship

had

not

yet

commenced.

The

Board

noted

that

expects

receive

profitability

information

from

BFA

periodically

following

the

Fund’s

launch

and

will

thus

position

evaluate

whether

any

new

additional

breakpoints

other

adjustments

Fund

fees

would

appropriate.

Economies

Scale:

The

Board

considered

information

that

had

previously

received

regarding

potential

economies

scale,

efficiencies

and

scale

benefits

shared

with

the

iShares

funds

through

relatively

low

fee

rates

established

inception,

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business

and

the

provision

improved

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

any

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

This

consideration

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

Advisory

Agreement.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

further

noted

that

BFA

previously

provided

the

Board

with

detailed

information

regarding

how

the

Other

Accounts

(particularly

institutional

clients)

generally

differ

from

the

iShares

funds,

including

terms

the

different

and

generally

extensive

services

provided

the

iShares

funds,

well

other

significant

differences.

that