 |
February 28, 2025 |
| |
(as revised June 12, 2025) |
 |
Summary Prospectus |
●
iShares Short Duration Bond Active
ETF | NEAR |
Cboe BZX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and other information about the Fund, including the Fund’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to
iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated February 28, 2025, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at https://www.iShares.com.
The Securities and Exchange Commission has not approved or disapproved these securities or passed
upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
iSHARES® SHORT DURATION
BOND ACTIVE ETF
BOND ACTIVE ETF
Ticker: NEARStock Exchange: Cboe BZX
Investment Objective
The iShares Short Duration Bond Active ETF (the “Fund”) seeks total return in excess of the reference benchmark.
Fees and Expenses
The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment advisory agreement between iShares U.S. ETF Trust (the “Trust”) and BlackRock Fund Advisors
(“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all
operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of
portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and
extraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired
Fund Fees and Expenses reflect the Fund's pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund's total return but is not included in the Fund's ratio of expenses to average net assets. Both figures are shown in the Financial
Highlights section of the Fund's prospectus (the “Prospectus”). BFA, the investment adviser
to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA, or its affiliates, through February 28, 2030. The contractual waiver may be terminated prior to February 28, 2030 only upon written agreement of the Trust and BFA.
You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
| Annual Fund
Operating Expenses (ongoing expenses that you pay each year as a
percentage of the value of your investments)1 | ||||||
| Management
Fees |
Distribution and Service (12b-1)
Fees |
Other
Expenses2 |
Acquired
Fund Fees and Expenses2 |
Total
Annual Fund Operating
Expenses |
Fee
Waiver and/or
Expense
Reimbursement2 |
Total
Annual Fund Operating Expenses
After Fee Waiver
and/or
Expense
Reimbursement |
| 0.25% |
None |
0.00% |
0.00% |
0.25% |
(0.00)% |
0.25% |
1Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.
2The amount rounded to 0.00%.
Example. This Example is intended to help you compare the cost of owning shares of the Fund with the
cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1
Year |
3
Years |
5
Years |
10
Years |
| $26 |
$80 |
$141 |
$318 |
S-1
Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are
not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 164% of the average value of its
portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade
fixed-income securities. The Fund's reference benchmark is the Bloomberg U.S. 1-3 Year Government/Credit
Bond Index, which measures the performance of U.S. dollar-denominated, government, government-related and
corporate securities with remaining maturity between one and three years. The Fund primarily invests in
investment-grade fixed-income securities that are rated BBB- or higher by S&P Global Ratings and/or Fitch
Ratings, Inc. (“Fitch”), or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody's”), or, if unrated, determined by the Fund's
management team to be of equivalent quality. The Fund primarily invests in fixed- and floating-rate
securities of varying maturities, such as corporate and government bonds, agency securities, instruments of
non-U.S. issuers, privately issued securities, asset-backed securities (“ABS”) and mortgage-backed securities
(“MBS”), structured securities, municipal bonds, repurchase agreements, money market instruments and investment companies. The Fund invests in securities issued by financial
institutions such as banks, broker-dealers and insurance companies. The Fund may enter into to-be-announced
transactions (“TBA
transactions”) on a regular basis with respect to the percentage of the portfolio (if any) that consists of mortgage-backed pass-through securities. BFA or its
affiliates may advise the money market funds and investment companies in which the Fund may
invest.
Under normal circumstances, the effective duration of the
Fund’s portfolio is expected to be three years or less, as calculated by the Fund’s management
team. Effective duration is a measure of the Fund’s price sensitivity to changes in yields or interest rates; however, investors should be aware that effective duration is not an exact measurement and may not reliably predict a
particular security’s price sensitivity to changes in yield or interest rates.
The Fund may buy or sell options or futures on a security or an index of securities,
or enter into credit default swaps and interest rate or foreign currency transactions, including swaps
(collectively, commonly known as derivatives). The Fund may use derivatives to hedge its investments or to
seek to enhance returns.
The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund may have a higher degree of portfolio
turnover than funds that seek to replicate the performance of an index.
The Fund is not a money market fund and does not seek to maintain a stable net asset
value of $1.00 per share. Please see
the Fund’s Statement of Additional Information (“SAI”) for further information.
The
Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).
Summary of Principal Risks
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could
trail that of other investments. The Fund is subject to certain risks, including the principal risks noted
below, any of which may adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below
(with others following in alphabetical order), but the relative significance of any risk is difficult to
predict and may change over time. You should review each risk factor carefully.
Interest Rate Risk. Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a
number of factors, including government policy, monetary policy, inflation expectations, perceptions of
risk, and supply and demand for fixed-income securities. An increase in interest rates generally will cause
the value of fixed-income securities to decline. Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in value. Changes in interest rates may have unpredictable effects on
fixed-income markets and result in heightened volatility and lower liquidity for certain instruments, which
may adversely affect a Fund’s performance. During periods of very low or negative interest rates, a
Fund may be unable to maintain positive returns or pay dividends to shareholders.
Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments
when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the
market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer's or counterparty's financial condition and on
the terms of an obligation.
Risk of Investing in the U.S. Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a
decline in its financial markets, may have an adverse effect on U.S. issuers.
Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other
public health issues, recessions, the prospect or occurrence of a sovereign default or other financial
crisis, or other events could have a significant impact on the Fund and its investments and could
result in increased premiums or discounts to the Fund’s NAV.
S-2
Management
Risk. The Fund is subject to management risk, which is the risk that the investment process, techniques,
models and/or risk analyses applied by BFA will not produce the desired results. The securities or other
assets selected by BFA may result in returns that are inconsistent with the Fund’s investment
objective, and the Fund may underperform the market or any relevant benchmark. In addition, legislative,
regulatory, or tax developments may affect the investment techniques available to BFA in connection with
managing the Fund and may adversely affect the ability of the Fund to achieve its investment objective.
Asset-Backed and Mortgage-Backed Securities Risk.
ABS and MBS (residential and commercial) represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. ABS and MBS are subject to credit, interest rate, call, extension, valuation and liquidity
risk. These securities, in most cases, are not backed by the full faith and credit of the U.S. government
and are subject to the risk of default on the underlying asset or mortgage, particularly during periods of
economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain ABS and MBS.
Asset Class Risk. The securities and other assets in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, an index, or
other asset classes.
Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the
Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on
an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in
creation or redemption transactions. To the extent that Authorized Participants exit the business or do not
place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund
shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or
delisting.
Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may
“call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund's income, or in securities with
greater risks or with other less favorable features.
Cash Transactions Risk. The Fund may effect part or all of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to
meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss
that might not have been incurred if it had made a redemption in-kind. The use of cash creations and
redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or
greater premiums or discounts to the Fund’s NAV.
Concentration Risk. The Fund
may be susceptible to an increased risk of loss, including losses due to adverse events that affect the
Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project
types, or asset classes.
Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund, its adviser, distributor, other service providers, counterparties, or issuers of assets in which the Fund invests may cause disruptions that negatively impact
the Fund and its shareholders. While the Fund has established business continuity plans and risk management
systems seeking to address system breaches or failures, there are inherent limitations in such plans and
systems. The Fund cannot control the cybersecurity plans and systems of its service providers,
counterparties, and other third parties whose activities affect the Fund. In addition, cyber incidents may
adversely impact the issuers of securities in which the Fund invests, which may cause such investments to
lose value.
Derivatives
Risk. The Fund’s use of derivatives (e.g., futures, forwards, swaps, options) may be riskier than other types of investments and may not have the intended effect on the Fund’s performance. Derivatives can be sensitive to
changes in economic and market conditions, and they may increase the Fund’s volatility. The Fund also
may experience reduced returns as a result of transaction costs and losses on derivatives positions. There
is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative. Derivatives may create investment leverage, which could result in losses that significantly exceed the Fund’s
original investment. Derivatives are subject to the risk of mispricing or improper valuation, particularly
if there is not a liquid secondary market for the instrument. Certain derivatives are subject to counterparty
risk, which is the risk that the other party in the transaction will not fulfill its contractual
obligations. The use of derivatives also exposes the Fund to additional operational and legal risks.
Extension Risk. During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s
income and potentially in the value of the Fund’s investments.
Financial Companies Risk. Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of
capital and liquid assets they must maintain and their size, among other things. Financial services
companies also may be significantly affected by, among other things, interest rates, economic conditions,
volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration
and counterparty risk.
Floating Rate Securities Risk. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline
in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates,
and generally carry lower yields than fixed securities of the same maturity. Although floating rate securities
S-3
are less sensitive to interest rate risk than
fixed-rate securities, they are subject to credit risk and default risk, which could impair their
value.
Futures Contract Risk. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely
impacted by these risks. The primary risks of futures contracts include: (i) an imperfect correlation
between the value of the futures contract and that of the underlying asset; (ii) resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses from
unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict
correctly the direction of the prices of futures contracts and other financial and economic factors; (v) a
counterparty’s default in the performance of its obligations; (vi) the obligation to make daily cash
payments to maintain the required margin for the futures contract; and (vi) the possibility that a failure
to close a position may result in delivery of an illiquid commodity to the Fund.
As futures contracts approach expiration, they may be “rolled” (i.e., replaced by similar
contracts with a later expiration to maintain exposure to the underlying asset), which involves additional
risks. In certain market conditions, the sale price of a near-term month contract can be lower than the purchase price of a longer-term contract, resulting in a cost to “roll” the futures contract.
High Portfolio Turnover Risk. High portfolio turnover is considered by the Fund to mean turnover of greater than 100% annually. Portfolio turnover (i.e., the sale of securities or other assets and reinvestment in other securities or assets) generally involves transaction costs to the Fund, including
brokerage commissions, dealer mark-ups and other costs. In addition, the sale of securities by the Fund may
result in the realization of taxable capital gains, including short-term capital gains. Higher portfolio
turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s investment return, and may result in different tax consequences for shareholders compared to a fund with lower portfolio
turnover.
Illiquid Investments
Risk. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar
days or less without significantly changing the market value of the investment. To the extent the Fund
holds illiquid investments, the illiquid investments may reduce its returns because the Fund may be unable
to transact at advantageous times or prices. In addition, if the Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, it will need to sell liquid securities to meet redemption requests
and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market
volatility, liquidity in the market for Fund shares may be impacted by the liquidity in the market for the
underlying securities or other assets held by the Fund, which could lead to Fund shares trading at a premium or discount to the Fund’s NAV.
Income Risk. The Fund’s income may decline when interest rates fall because the Fund may hold a significant portion of short duration securities and/or securities that have floating
or variable
interest rates. The Fund’s income may decline because the Fund invests in lower yielding bonds, and as the bonds in its portfolio mature, are near maturity or are called, the Fund
needs to purchase additional bonds.
Issuer Risk. The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a
whole, due to changes in the financial condition or credit rating of the issuer or
counterparty.
Large Shareholder and Large-Scale Redemption Risk. Certain shareholders of the Fund, including an Authorized Participant, a third-party investor, the Fund’s adviser, an
affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or
manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions
of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption
requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to
make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution
during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion
of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large
redemptions may also force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material
effect on the market price of Fund shares.
Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and
disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may
lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the
intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market
price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV,
you may pay significantly more or receive significantly less than the underlying value of the Fund shares.
Municipal Securities Risk. Municipal securities can be
significantly affected by political or economic changes, including changes made in the law after issuance
of the securities, as well as uncertainties in the municipal market related to taxation, legislative
changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively
affected by the inability to collect revenues from such projects or assets. Certain municipal securities
are issued by entities with limited taxing authority such as school districts, or are dependent on revenue
from a particular sector or industry, such as the utilities sector, infrastructure sector, or transportation industry.
S-4
Not a
Money Market Fund. The Fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities
that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more
susceptible than a money market fund is to credit risk, interest rate risk, valuation risk and other risks
relevant to the Fund’s investments. The Fund does not seek to
maintain a stable net asset value of $1.00 per share.
Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third
parties, failed or inadequate processes and technology or systems failures. The Fund and BFA seek to reduce
these operational risks through controls and procedures. However, these measures do not address every
possible risk and may be inadequate to address significant operational risks.
Prepayment Risk. During periods of falling
interest rates, issuers of certain debt obligations may repay principal prior to the security’s
maturity, which may cause the Fund to have to reinvest in securities with lower yields or higher risk of default, resulting in a decline in the Fund’s income or return potential.
Privately Issued Securities Risk. Privately issued securities are securities that have not been registered under the Securities Act of 1933, as amended (the “1933 Act”). Such securities typically are subject to legal restrictions on resale and generally are not traded in established public markets. As a result, privately issued securities may be deemed to be illiquid investments,
may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in
value and may have higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately issued security. Difficulty in selling such securities at a desirable time or price
may result in a loss to the Fund.
Repurchase Agreement Risk. A repurchase agreement is an instrument under which the purchaser (i.e., the Fund) acquires a security and the seller agrees, at the time of the sale, to repurchase the security at a mutually agreed upon time and price. Repurchase agreements may be construed to be
collateralized loans by the purchaser to the seller secured by the securities transferred to the purchaser.
If a repurchase agreement is construed to be a collateralized loan, the underlying securities will not be
considered to be owned by the Fund but only to constitute collateral for the seller’s obligation to pay the repurchase price. If the seller defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in
exercising its rights under the agreement. If the seller fails to repurchase the security and the market
value of the security declines, the Fund may lose money.
Risk of
Swap Agreements. A swap is a two-party contract that generally obligates each counterparty to exchange
periodic payments based on a pre-determined underlying investment or notional amount and to exchange
collateral to secure the obligations of each counterparty. Swaps may be leveraged and are subject to
counterparty risk, credit risk and pricing risk. Swaps may be subject to illiquidity risk, and it may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant
losses.
Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all.
The Fund could also lose money in the event of a decline in the value of collateral provided for loaned
securities or a decline in the value of any investments made with cash collateral. These events could also
trigger adverse tax consequences for the Fund.
U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may
provide relatively lower returns than those of other securities. Changes in the U.S. government’s
financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct
obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to
maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S.
Treasury obligations are backed by the full faith and credit of the United States, circumstances could
arise that could prevent the timely payment of interest or principal.
Valuation Risk. The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ
from the Fund’s valuation of the security or other asset, particularly for securities or other assets
that trade in low volume or volatile markets or that are valued using a fair value methodology. In
addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that create or redeem Fund
shares on days when the Fund is holding fair-valued securities or other assets may receive fewer or more
shares, or lower or higher redemption proceeds, than they would have received had the securities or other
assets not been fair valued or been valued using a different methodology. The ability to value investments
may be impacted by technological issues or errors by pricing services or other third-party service
providers.
S-5
Performance
Information
Effective November 1, 2023, the Fund changed its name, investment
objective and investment strategies. Performance for the periods prior to November 1, 2023 shown below is based on the investment objective and investment strategies utilized by
the Fund under the name
“BlackRock Short Maturity Bond ETF.” From November 1, 2023 through October 9, 2024, the Fund operated under the name “BlackRock Short Duration Bond
ETF.” The
performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund.
The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that
of an appropriate broad-based securities market index and an additional index that Fund management believes more closely reflects the investment strategy of the Fund. Fund
returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would
reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance
information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
Calendar Year-by-Year Returns
| |
Return (%) |
Period Ended |
| During the periods shown in the chart:
| ||
| Best Quarter |
3.59% |
June 30, 2020 |
| Worst Quarter |
-3.06% |
March 31, 2020 |
Average Annual Total Returns
(for the periods ended December 31, 2024)
(for the periods ended December 31, 2024)
| |
One Year |
Five Years |
Ten Years |
| (Inception Date: 9/25/2013) |
|
|
|
| Return Before Taxes |
5.04% |
2.86% |
2.31% |
| Return After Taxes on Distributions |
2.92% |
1.72% |
1.39% |
| Return After Taxes on Distributions and Sale of Fund Shares |
2.96% |
1.70% |
1.37% |
| Bloomberg U.S. Universal Index1(Returns do not reflect deductions for
fees, expenses or taxes) |
2.04% |
0.06% |
1.73% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index2 (Returns do not reflect deductions
for fees, expenses or taxes) |
4.36% |
1.58% |
1.63% |
1The Fund has added this broad-based index in response to new regulatory requirements.
2The Bloomberg U.S. 1-3 Year Government/Credit Bond Index
is an unmanaged index that measures the performance of government and corporate securities with one to three years remaining to maturity.
After-tax returns in the table above are calculated using the historical highest
individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and
may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on
distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital
losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.
S-6
Management
Investment Adviser. The Fund's investment adviser is BlackRock Fund Advisors. The Fund's sub-adviser is BlackRock International Limited (“BIL” or the “Sub-Adviser”).
Portfolio Managers. Akiva Dickstein, Scott MacLellan, Amanda Liu, Sam Summers, Siddharth Mehta and James Mauro (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Mr. Dickstein, Mr. MacLellan, Ms. Liu, Mr. Summers, Mr. Mehta and Mr. Mauro have been
Portfolio Managers of the Fund since 2020, 2020, 2023, 2023, 2025 and 2021, respectively.
Purchase and Sale of Fund Shares
The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than
at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor
may incur costs attributable to the difference between the highest price a buyer is willing to pay to
purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the
“bid-ask spread”).
Tax Information
The Fund intends to make distributions that may be taxable to you as ordinary income
or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an
IRA, in which case, your distributions generally will be taxed when withdrawn.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or
other related companies may pay the intermediary for marketing activities and presentations, educational
training programs, conferences, the development of technology platforms and reporting systems or other
services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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