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2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
iShares Trust
• iShares High Yield Systematic Bond ETF | HYDB | Cboe BZX Exchange
• iShares Investment Grade Systematic Bond ETF | IGEB | Cboe BZX Exchange
AUGUST 31, 2026
BNM1026U-6054792-19277011
Page 2
Page Schedules of Investments ............................................................................................................................... .................... 3 Statements of Assets and Liabilities ............................................................................................................................... . . . . . . . . . . . 15 Statements of Operations ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . 16 Statements of Changes in Net Assets ............................................................................................................................... . . . . . . . . . 17 Financial Highlights ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Notes to Financial Statements ............................................................................................................................... . . . . . . . . . . . . . . . . 20 Additional Information ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . 27 Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Glossary of Terms Used in these Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Table of Contents
2 BNM1026U-6054792-19277011
Page 3
Security
Par (000) Value
Corporate Bonds & Notes Advertising — 0.3% Advantage Sales & Marketing, Inc., 9.00%, 11/15/30 (a) ..................................... $ 6,697 $ 5,565,694
Aerospace & Defense — 0.3% TransDigm, Inc., 6.38%, 03/01/29 (a) ............... 4,500 4,566,668
Airlines — 1.5% Allegiant Travel Co., 7.13%, 07/01/31 (a)(b) .......... 7,000 7,063,872 American Airlines, Inc., 7.25%, 02/15/28 (a)(b) ....... 6,000 6,056,749 JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 (a)(b) .................................. 13,312 11,431,056 24,551,677 Apparel — 0.7% Under Armour, Inc., 7.25%, 07/15/30 (a)(b) .......... 3,042 3,064,806 VF Corp., 2.95%, 04/23/30 (b) ...................... 9,579 8,698,828 11,763,634 Auto Manufacturers — 2.0% New Flyer Holdings, Inc., 9.25%, 07/01/30 (a) ....... 6,456 6,929,206 Nissan Motor Co. Ltd. 4.81%, 09/17/30 (a)(b) ........................... 4,794 4,466,427 7.75%, 07/17/32 (a) ............................. 8,320 8,632,490 8.13%, 07/17/35 (a) ............................. 10,981 11,663,586 31,691,709 Auto Parts & Equipment — 1.4% Cooper-Standard Automotive, Inc., 9.25%, 03/01/31 (a) .................................... 9,011 9,116,828 Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (a)(b) ........................... 8,912 9,266,448 Phinia, Inc., 6.75%, 04/15/29 (a) .................... 3,500 3,572,541 21,955,817 Beverages — 0.4% Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.38%, 04/30/29 (a)(b) ...................... 7,000 6,852,362
Biotechnology — 0.8% Biocon Biologics Global PLC, 6.67%, 10/09/29 (a) . . . 9,167 9,217,338 Genmab A/S/Genmab Finance LLC, 6.25%, 12/15/32 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,114 4,174,822 13,392,160 Building Materials — 1.9% Builders FirstSource, Inc. 6.38%, 06/15/32 (a)(b) ........................... 7,718 7,754,035 6.75%, 05/15/35 (a) ............................. 8,837 8,835,642 Sisecam U.K. PLC 8.38%, 01/23/33 (a)(b) ........................... 5,236 5,230,948 8.63%, 05/02/32 (a)(b) ........................... 9,014 9,008,330 30,828,955 Chemicals — 2.8% Celanese U.S. Holdings LLC 6.75%, 04/15/33 ............................... 7,798 7,937,826 7.38%, 02/15/34 (b) ............................. 8,874 9,192,967 CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (a) ............................. 5,508 5,514,566 FMC Corp. 5.65%, 05/18/33 (b) ............................. 6,172 5,662,273 6.38%, 05/18/53 (b) ............................. 4,784 3,785,853 Perimeter Holdings LLC, 5.00%, 10/30/29 (a) ....... 8,007 7,826,013 Rain Carbon, Inc., 12.25%, 09/01/29 (a)(b) .......... 4,481 4,762,559 44,682,057
Security
Par (000) Value
Coal — 0.4% SunCoke Energy, Inc., 4.88%, 06/30/29 (a) ......... $ 5,998 $ 5,798,257
Commercial Services — 3.6% ADT Security Corp. (The) 4.13%, 08/01/29 (a)(b) ........................... 5,277 5,082,382 4.88%, 07/15/32 (a)(b) ........................... 8,239 7,762,434 5.88%, 10/15/33 (a)(b) ........................... 1,663 1,626,749 CoreCivic, Inc., 8.25%, 04/15/29 . . . . . . . . . . ........ 2,871 2,980,017 Deluxe Corp., 8.00%, 06/01/29 (a)(b) ................ 5,422 5,477,060 EquipmentShare.com, Inc. 7.13%, 07/01/34 (a)(b) ........................... 9,296 9,148,691 8.63%, 05/15/32 (a)(b) ........................... 6,682 6,948,351 PROG Holdings, Inc., 6.00%, 11/15/29 (a) .......... 7,033 6,916,755 Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32 (a) ................... 10,000 9,877,448 United Rentals North America, Inc., 4.88%, 01/15/28 . ..................................... 1,500 1,494,358 57,314,245 Computers — 1.4% Diebold Nixdorf, Inc., 7.75%, 03/31/30 (a) . . . . . . . . . . . 10,436 10,890,446 Insight Enterprises, Inc., 6.63%, 05/15/32 (a)(b) ...... 5,564 5,646,703 Pitney Bowes, Inc., 7.25%, 03/15/29 (a)(b) . . . . . . . . . . . 5,339 5,383,853 21,921,002 Diversified Financial Services — 7.4% Ally Financial, Inc., 6.70%, 02/14/33 (b) ............. 5,567 5,666,704 Bread Financial Holdings, Inc., 6.75%, 05/15/31 (a) . 5,557 5,675,436 Coinbase Global, Inc., 3.38%, 10/01/28 (a)(b) ........ 10,008 9,549,359 Credit Acceptance Corp. 6.63%, 03/15/30 (a)(b) ........................... 5,635 5,659,653 9.25%, 12/15/28 (a) ............................. 4,711 4,873,944 Encore Capital Group, Inc. 6.63%, 04/15/31 (a)(b) ........................... 5,481 5,503,719 6.63%, 06/01/32 (a) ............................. 2,611 2,618,665 8.50%, 05/15/30 (a)(b) ........................... 5,127 5,436,553 Enova International, Inc. 9.13%, 08/01/29 (a) ............................. 5,239 5,478,092 11.25%, 12/15/28 (a) ............................ 1,795 1,876,848 OneMain Finance Corp. 5.38%, 11/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 337,122 6.75%, 03/15/32 . . . ............................ 6,819 6,831,356 6.75%, 09/15/33 (b) ............................. 1,321 1,300,389 7.13%, 11/15/31 (b) ............................. 8,564 8,690,482 7.13%, 09/15/32 (b) ............................. 3,505 3,553,229 7.13%, 03/15/34 . . . ............................ 1,157 1,157,212 7.50%, 05/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449 461,127 7.88%, 03/15/30 . . . ............................ 1,529 1,585,351 Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. 3.63%, 03/01/29 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708 682,330 3.88%, 03/01/31 (a)(b) ........................... 12,573 11,729,007 4.00%, 10/15/33 (a)(b) ........................... 3,642 3,260,553 Stonex Escrow Issuer LLC, 6.88%, 07/15/32 (a) . . . . . 6,973 7,089,498 StoneX Group, Inc., 7.88%, 03/01/31 (a) ............ 5,774 6,004,885 Synchrony Financial, 7.25%, 02/02/33 . . . .......... 8,675 8,983,589 VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/31 (a) .................................... 5,428 5,618,023 119,623,126 Electric — 1.8% NRG Energy, Inc., 3.88%, 02/15/32 (a) .............. 5,948 5,443,208
Schedule of Investments (unaudited) August 31, 2026
iShares High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)
3 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 4
Security
Par (000) Value
Electric (continued) PG&E Corp. 5.00%, 07/01/28 ............................... $ 7,000 $ 6,895,002 5.25%, 07/01/30 ............................... 5,000 4,865,256 Talen Energy Supply LLC, 6.50%, 02/01/36 (a) ...... 12,156 11,930,867 29,134,333 Engineering & Construction — 0.9% IHS Holding Ltd. 6.25%, 11/29/28 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 275,401 7.88%, 05/29/30 (a) ............................. 6,121 6,244,264 8.25%, 11/29/31 (a) ............................. 7,077 7,366,742 13,886,407 Entertainment — 1.8% Caesars Entertainment, Inc. 6.00%, 10/15/32 (a)(b) ........................... 12,997 11,673,102 6.50%, 02/15/32 (a)(b) ........................... 6,684 6,460,835 Six Flags Entertainment Corp./Canada's Wonderland Co/Millennium Operations LLC, 8.63%, 01/15/32 (a)(b) ........................... 1 1,544 11,706,539 29,840,476 Food — 1.2% Post Holdings, Inc. 6.25%, 10/15/34 (a) ............................. 8,131 7,838,675 6.50%, 03/15/36 (a) ............................. 12,064 11,692,365 19,531,040 Gas — 0.8% AmeriGas Partners LP/AmeriGas Finance Corp. 6.88%, 06/01/31 (a) ............................. 5,747 5,743,416 9.50%, 06/01/30 (a)(b) ........................... 6,103 6,488,289 12,231,705 Health Care - Services — 2.5% DaVita, Inc. 3.75%, 02/15/31 (a) ............................. 6,823 6,302,553 4.63%, 06/01/30 (a)(b) ........................... 12,231 11,818,774 Fortrea Holdings, Inc., 7.50%, 07/01/30 (a)(b) ........ 5,820 5,931,651 Sotera Health Holdings LLC, 7.38%, 06/01/31 (a) . . . 4,488 4,668,848 Surgery Center Holdings, Inc., 7.25%, 04/15/32 (a) . . 11,659 11,725,037 40,446,863 Holding Companies - Diversified — 2.4% Clue Opco LLC, 9.50%, 10/15/31 (a) . . . . . . . . . . . . . . . . 980 988,776 Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (a) .................................... 6,697 6,395,772 FS KKR Capital Corp. 3.13%, 10/12/28 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 173,053 6.13%, 01/15/30 (b) ............................. 8,290 8,129,894 6.88%, 08/15/29 ............................... 6,713 6,771,626 7.50%, 08/01/31 ............................... 1,267 1,290,283 Icahn Enterprises LP/Icahn Enterprises Finance Corp. 9.75%, 01/15/29 (b) ............................. 6,172 5,907,381 10.00%, 11/15/29 (a) ............................ 9,555 9,258,814 38,915,599 Home Builders — 0.4% Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30 (a)(b) ...... 6,225 5,866,621
Home Furnishings — 1.5% Somnigroup International, Inc., 3.88%, 10/15/31 (a)(b) .................................. 6,891 6,303,628
Security
Par (000) Value
Home Furnishings (continued) Whirlpool Corp. 4.50%, 06/01/46 (b) ............................. $ 7,909 $ 4,477,570 4.60%, 05/15/50 (b) ............................. 9,413 5,321,487 6.13%, 06/15/30 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 217,977 6.50%, 06/15/33 (b) ............................. 8,271 7,149,438 7.88%, 07/01/34 (a)(b) ........................... 1,065 1,041,859 24,511,959 Insurance — 0.4% Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (a) .................................... 6,704 6,824,732
Internet — 3.8% Gen Digital, Inc., 6.25%, 04/01/33 (a) . . . . . . . . . . . . . . . 11,155 11,151 ,519 Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29 (a)(b) ...................... 3,078 2,918,155 Match Group Holdings II LLC, 6.13%, 09/15/33 (a)(b) .................................. 6,961 6,854,738 Rakuten Group, Inc., 9.75%, 04/15/29 (a) ........... 10,577 11,529,039 Snap, Inc. 6.88%, 03/01/33 (a)(b) ........................... 8,067 7,910,555 6.88%, 03/15/34 (a)(b) ........................... 6,231 6,059,474 Wayfair LLC 7.13%, 05/31/34 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 448,081 7.25%, 10/31/29 (a) ............................. 8,646 8,930,721 7.75%, 09/15/30 (a) ............................. 5,152 5,423,047 61,225,329 Iron & Steel — 1.5% Champion Iron Canada, Inc., 7.88%, 07/15/32 (a)(b) . 2,438 2,486,448 Cleveland-Cliffs, Inc., 7.63%, 01/15/34 (a)(b) . . . . . . . . 6,366 6,495,427 Fortescue Treasury Pty. Ltd. 4.38%, 04/01/31 (a) ............................. 7,015 6,623,450 6.13%, 04/15/32 (a)(b) ........................... 8,292 8,383,856 23,989,181 Leisure Time — 1.7% Lindblad Expeditions LLC, 7.00%, 09/15/30 (a) . . . . . . 7,403 7,625,490 NCL Corp. Ltd. 6.25%, 09/15/33 (a)(b) ........................... 10,265 9,602,470 6.75%, 02/01/32 (a) ............................. 7,767 7,554,901 Patrick Industries, Inc., 6.38%, 11/01/32 (a)(b) ....... 3,000 2,995,455 27,778,316 Lodging — 1.9% Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/29 (a) ............................. 6,882 7,064,072 Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.88%, 07/01/31 (a)(b) ........................... 6,282 5,815,256 5.00%, 06/01/29 (a) ............................. 4,938 4,811,143 Station Casinos LLC, 4.63%, 12/01/31 (a)(b) ......... 6,123 5,771,885 Travel and Leisure Co., 4.50%, 12/01/29 (a) . . . . . . . . 7,829 7,561,413 31,023,769 Manufacturing — 0.3% LSB Industries, Inc., 6.25%, 10/15/28 (a)(b) .......... 4,891 4,881,139
Media — 7.4% AMC Global Media, Inc., 10.50%, 07/15/32 (a) . . . . . . 11,313 11,960 ,941 CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/31 (a) ............................. 2,429 2,190,682 4.75%, 02/01/32 (a)(b) ........................... 1,584 1,419,513 7.38%, 03/01/31 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311 314,973
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 4 BNM1026U-6054792-19277011
Page 5
Security
Par (000) Value
Media (continued) Discovery Communications LLC 6.35%, 06/01/40 ............................... $ 2,106 $ 1,695,330 5.00%, 09/20/37 ............................... 6,906 5,300,355 Discovery Global Holdings, Inc. 4.28%, 03/15/32 (b) ............................. 13,160 12,041,400 5.05%, 03/15/42 ............................... 8,976 6,526,270 McGraw-Hill Education, Inc. 7.38%, 09/01/31 (a)(b) ........................... 7,307 7,505,071 8.00%, 08/01/29 (a) ............................. 6,916 6,919,493 Nexstar Media, Inc. 4.75%, 11/01/28 (a)(b) ........................... 1 1,694 11,521,661 7.25%, 04/15/34 (a)(b) ........................... 7,196 7,288,943 Paramount Global 4.95%, 05/19/50 (b) ............................. 2,483 1,552,295 5.85%, 09/01/43 ............................... 9,647 7,046,910 6.88%, 04/30/36 (b) ............................. 12,777 11,878,044 Sinclair Television Group, Inc. 5.50%, 03/01/30 (a)(b) ........................... 6,415 5,749,444 8.13%, 02/15/33 (a) ............................. 7,060 7,338,941 Versant Media Group, Inc., 7.25%, 01/30/31 (a)(b) . . . 11,049 11,458,023 119,708,289 Metal Fabricate & Hardware — 0.2% Park-Ohio Industries, Inc., 8.50%, 08/01/30 (a) ...... 2,653 2,797,528
Mining — 4.7% Aris Mining Corp., 8.00%, 10/31/29 (a) .............. 4,802 4,970,070 Endeavour Mining PLC, 7.00%, 05/28/30 (a)(b) ...... 5,607 5,704,633 First Quantum Minerals Ltd., 8.63%, 06/01/31 (a) .... 5,979 6,219,185 IAMGOLD Corp., 5.75%, 10/15/28 (a)(b) ............ 4,956 4,946,625 Ivanhoe Mines Ltd., 7.88%, 01/23/30 (a) ............ 8,736 8,792,504 Nickel Industries Ltd., 9.00%, 09/30/30 (a)(b) ........ 8,907 9,217,301 Novelis Corp. 4.75%, 01/30/30 (a) ............................. 12,137 11,723,232 6.88%, 01/30/30 (a) ............................. 4,257 4,374,110 Skeena Resources Ltd., 8.50%, 04/01/31 (a) ........ 8,231 8,695,335 Stillwater Mining Co., 4.50%, 11/16/29 (a) ........... 5,763 5,503,773 Taseko Mines Ltd., 8.25%, 05/01/30 (a) ............. 5,209 5,438,576 75,585,344 Office Furnishings — 0.2% HNI Corp., 5.13%, 01/18/29 (a) ..................... 3,487 3,458,900
Oil & Gas — 8.9% BKV Upstream Midstream LLC, 7.50%, 10/15/30 (a) . 5,521 5,590,130 California Resources Corp. 7.00%, 01/15/34 (a) ............................. 7,171 7,170,364 7.25%, 01/15/35 (a)(b) ........................... 6,131 6,145,794 CNX Resources Corp., 7.38%, 01/15/31 (a) ......... 4,500 4,608,171 Comstock Resources, Inc. 5.88%, 01/15/30 (a) ............................. 1,185 1,137,559 6.75%, 03/01/29 (a)(b) ........................... 1 1,844 11,746,857 6.75%, 03/01/29 (a) ............................. 2,104 2,080,893 CVR Energy, Inc. 7.50%, 02/15/31 (a) ............................. 6,766 6,971,510 7.88%, 02/15/34 (a)(b) ........................... 4,048 4,200,395 Gulfport Energy Operating Corp., 6.75%, 09/01/29 (a) .................................... 7,363 7,498,855 Ithaca Energy North Sea PLC, 8.13%, 10/15/29 (a) . . 8,211 8,531,459 Kosmos Energy Ltd., 8.75%, 10/01/31 (a)(b) ......... 7,317 6,590,422 Murphy Oil Corp., 6.50%, 02/15/34 ................ 3,806 3,793,869
Security
Par (000) Value
Oil & Gas (continued) Noble Finance II LLC 6.25%, 06/15/34 (a) ............................. $ 2,496 $ 2,449,835 8.00%, 04/15/30 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,135 11,513 ,312 Northern Oil & Gas, Inc. 7.88%, 10/15/33 (a)(b) ........................... 7,918 8,145,627 8.75%, 06/15/31 (a)(b) ........................... 5,170 5,386,602 Par Petroleum LLC, 7.38%, 06/01/34 (a) . . . . . . . . . . . . 5,703 5,917,923 Parex Resources, Inc., 8.50%, 05/11/31 (a)(b) ....... 5,507 5,676,423 PBF Holding Co. LLC/PBF Finance Corp. 7.25%, 06/01/34 (a)(b) ........................... 4,678 4,810,298 9.88%, 03/15/30 (a)(b) ........................... 8,554 9,135,467 Talos Production, Inc. 8.00%, 07/15/34 (a)(b) ........................... 6,619 6,844,748 9.38%, 02/01/31 (a)(b) ........................... 6,581 6,977,894 142,924,407 Oil & Gas Services — 1.3% Bristow Group, Inc., 6.75%, 02/01/33 (a) ............ 5,925 5,967,151 Enerflex, Inc., 6.88%, 01/15/31 (a) .................. 3,768 3,841,710 Tidewater, Inc., 9.13%, 07/15/30 (a) ................ 6,924 7,415,052 Viridien, 10.00%, 10/15/30 (a) ...................... 3,836 4,046,247 21,270,160 Packaging & Containers — 0.3% Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (a) .................................... 1,137 1,091,315 Klabin Austria GmbH, 7.00%, 04/03/49 (a) . . . . . . . . . . 3,133 3,121,533 4,212,848 Pharmaceuticals — 0.9% Elanco Animal Health, Inc., 6.40%, 08/28/28 . . . . . . . 6,011 6,152,938 Grifols SA, 4.75%, 10/15/28 (a)(b) ................... 8,205 8,086,459 14,239,397 Pipelines — 6.2% Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/29 (a) .............. 7,098 7,347,637 Genesis Energy LP/Genesis Energy Finance Corp. 7.88%, 05/15/32 (b) ............................. 3,217 3,339,146 8.00%, 05/15/33 . . . ............................ 6,484 6,802,157 8.88%, 04/15/30 . . . ............................ 3,780 3,949,265 NGL Energy Operating LLC/NGL Energy Finance Corp. 8.13%, 02/15/29 (a)(b) ........................... 7,637 7,878,261 8.38%, 02/15/32 (a) ............................. 6,063 6,356,461 Summit Midstream Holdings LLC, 8.63%, 10/31/29 (a) .................................... 8,898 9,271,992 Venture Global Calcasieu Pass LLC, 6.00%, 05/01/36 (a) .................................... 8,584 8,548,110 Venture Global LNG, Inc. 8.38%, 06/01/31 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,127 11,570 ,889 9.88%, 02/01/32 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,110 11,843 ,960 Venture Global Plaquemines LNG LLC 6.75%, 01/15/36 (a) ............................. 7,792 8,202,053 7.50%, 05/01/33 (a) ............................. 3,011 3,270,584 7.75%, 05/01/35 (a) ............................. 10,393 11,557,879 99,938,394 Real Estate — 1.8% Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/29 (a)(b) ........................... 6,517 6,442,061 9.75%, 04/15/30 (a)(b) ........................... 2,629 2,816,819 Five Point Operating Co. LP, 8.00%, 10/01/30 (a)(b) . . 4,862 4,993,560
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)
5 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 6
Security
Par (000) Value
Real Estate (continued) Howard Hughes Corp. (The) 4.13%, 02/01/29 (a) ............................. $ 7,312 $ 7,087,006 4.38%, 02/01/31 (a)(b) ........................... 7,767 7,332,993 28,672,439 Real Estate Investment Trusts — 6.0% Blackstone Mortgage Trust, Inc. 6.25%, 06/01/31 (a) ............................. 5,543 5,310,259 7.75%, 12/01/29 (a) ............................. 4,879 5,055,512 Diversified Healthcare Trust 4.38%, 03/01/31 ............................... 6,586 6,015,997 7.25%, 10/15/30 (a) ............................. 3,284 3,364,251 Hudson Pacific Properties LP, 4.65%, 04/01/29 (b) . . 6,069 5,752,558 Iron Mountain, Inc. 4.50%, 02/15/31 (a) ............................. 1,944 1,849,386 5.63%, 07/15/32 (a)(b) ........................... 2,293 2,252,039 Millrose Properties, Inc., 6.38%, 08/01/30 (a) ........ 4,927 4,995,535 MPT Operating Partnership LP/MPT Finance Corp. 8.50%, 02/15/32 (a) ............................. 10,000 10,139,540 9.25%, 02/15/32 (a) ............................. 18,073 17,533,734 Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.88%, 05/15/29 (a) ............................. 8,943 8,772,672 5.88%, 10/01/28 (a) ............................. 2,938 2,934,311 RLJ Lodging Trust LP, 4.00%, 09/15/29 (a)(b) ........ 6,011 5,756,089 Service Properties Trust, 8.88%, 06/15/32 (b) ....... 5,599 5,776,499 Starwood Property Trust, Inc., 6.50%, 10/15/30 (a) . . 5,632 5,733,184 XHR LP, 4.88%, 06/01/29 (a) ....................... 5,847 5,747,186 96,988,752 Retail — 3.2% Bath & Body Works, Inc., 6.75%, 07/01/36 ......... 4,738 4,717,515 Gap, Inc. (The) 3.63%, 10/01/29 (a) ............................. 9,203 8,702,143 3.88%, 10/01/31 (a)(b) ........................... 5,098 4,678,154 Kohl's Corp. 5.13%, 05/01/31 (b) ............................. 7,453 6,732,145 10.00%, 06/01/30 (a) ............................ 2,488 2,683,957 Macy's Retail Holdings LLC, 7.38%, 08/01/33 (a)(b) . . 5,467 5,694,608 Petco Health & Wellness Co., Inc., 8.25%, 02/01/31 (a)(b) .................................. 6,855 6,965,242 QXO Building Products, Inc., 6.75%, 04/30/32 (a) . . . 11,260 11,516,998 51,690,762 Software — 1.9% CoreWeave, Inc. 9.00%, 02/01/31 (a) ............................. 5,416 4,858,103 9.25%, 06/01/30 (a)(b) ........................... 1 1,677 10,844,020 9.63%, 07/15/32 (a)(b) ........................... 1,518 1,339,365 9.75%, 10/01/31 (a)(b) ........................... 3,358 3,002,804 Elastic NV, 4.13%, 07/15/29 (a) ..................... 2,804 2,699,064 Fair Isaac Corp., 6.25%, 09/15/34 (a) ............... 7,918 7,748,492 30,491,848
Security
Par (000) Value
Telecommunications — 6.1% APLD ComputeCo 2 LLC, 6.75%, 03/15/31 (a)(b) . . . . $ 11,936 $ 11,467,175 APLD ComputeCo 3 LLC, 7.00%, 06/15/31 (a)(b) .... 12,258 11,802,021 Core Scientific Finance I LLC, 7.75%, 05/15/31 (a) . . 10,500 10,187,967 Galaxy Helios Data Centers II LLC, 9.88%, 08/01/31 (a) .................................... 12,068 11,952,482 Millicom International Cellular SA, 7.38%, 04/02/32 (a) .................................... 4,936 5,084,860 Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 8.63%, 06/15/32 (a)(b) ........................... 6,709 6,893,632 Series Feb, 8.63%, 06/15/32 (a) ................. 8,337 8,566,434 Viasat, Inc., 7.50%, 05/30/31 (a) .................... 8,953 8,987,791 Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (a) .............. 10,959 11,448,626 WULF Compute LLC, 7.75%, 10/15/30 (a)(b) . . . . . . . . 11,041 11,472 ,392 97,863,380 Transportation — 0.4% Danaos Corp., 6.88%, 10/15/32 (a) ................. 5,625 5,752,418
Trucking & Leasing — 0.5% FTAI Aviation Investors LLC, 5.50%, 05/01/28 (a) . . . . 7,500 7,482,520
Total Long-Term Investments — 97.8% (Cost: $1,570,155,037) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,573,67 2,218
Shares
Short-Term Securities Money Market Funds — 14.8% BlackRock Cash Funds: Institutional, SL Agency Shares, 3.84% (c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1,684,253 211,747,758 BlackRock Cash Funds: Treasury, SL Agency Shares, 3.65% (c)(d) ............................. 25,600,000 25,600,000
Total Short-Term Securities — 14.8% (Cost: $237,331,824) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,347,758
Total Investments — 112.6% (Cost: $1,807,486,861) ......................................... 1,811,019,976 Liabilities in Excess of Other Assets — (12.6)% . . . . . . . . . . . . . . . . . . (201,9 43,045)
Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,60 9,076,931 (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (b) All or a portion of this security is on loan. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period end. (e) All or a portion of this security was purchased with the cash collateral from loaned securities.
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 6 BNM1026U-6054792-19277011
Page 7
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2026 for purposes of Section 2(a)(3) of the Inve stment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 02/28/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...................... $236,809,089 $ — $ (25,007,934) (a) $ (25,568) $ (27,829) $211,747,758 211,684,253 $ 563,258 (b) $— BlackRock Cash Funds: Treasury, SL Agency Shares ...................... 21,310,000 4,290,000 (a) — — — 25,600,000 25,600,000 335,731 — $ (25,568) $ (27,829) $237,347,758 $898,989 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral inve stment fees, and other payments to and from borrowers of securities.
Fair Value Hiera rchy as of P eriod End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and infor mation about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Corporate Bonds & Notes ................................................................. $ — $1,573,672,218 $ — $1,573,672,218 Short-Term Securities Money Market Funds ..................................................................... 237,347,758 — — 237,347,758 $ 237,347,758 $1,573,672,218 $ — $1,811,019,976
See notes to financial statements.
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares High Yield Systematic Bond ETF
7 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
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Security
Par (000) Value
Corporate Bonds & Notes Advertising — 0.3% Omnicom Group, Inc. 5.00%, 06/02/33 ............................... $ 2,501 $ 2,413,901 5.30%, 06/02/36 (a) ............................. 2,020 1,926,488 4,340,389 Aerospace & Defense — 1.5% Boeing Co. (The) 3.25%, 02/01/35 (a) ............................. 1,452 1,230,891 3.60%, 05/01/34 ............................... 2,150 1,899,787 5.15%, 05/01/30 ............................... 6,622 6,641,145 5.71%, 05/01/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 188,851 6.39%, 05/01/31 ............................... 1,124 1,178,985 6.53%, 05/01/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,110 2,251,205 7.01%, 05/01/64 ............................... 1,286 1,388,484 L3Harris Technologies, Inc., 5.40%, 07/31/33 (a) .... 3,026 3,037,783 RTX Corp., 4.50%, 06/01/42 ...................... 4,987 4,316,386 22,133,517 Agriculture — 2.3% Altria Group, Inc. 5.38%, 01/31/44 ............................... 3,721 3,346,643 5.63%, 02/06/35 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865 869,592 5.80%, 02/14/39 ............................... 7,205 7,095,511 BAT Capital Corp. 5.63%, 08/15/35 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 798 803,154 6.00%, 02/20/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 744 769,173 6.42%, 08/02/33 ............................... 1,291 1,364,579 7.08%, 08/02/43 ............................... 5,185 5,582,884 Philip Morris International, Inc. 5.38%, 02/15/33 ............................... 3,432 3,462,952 5.75%, 11/17/32 ............................... 1,214 1,250,191 6.38%, 05/16/38 ............................... 5,256 5,577,883 Reynolds American, Inc., 5.85%, 08/15/45 ......... 4,208 3,990,424 34,112,986 Airlines — 0.5% Delta Air Lines, Inc., 5.25%, 07/10/30 .............. 7,307 7,320,143
Apparel — 0.5% Tapestry, Inc. 5.10%, 03/11/30 ............................... 2,245 2,243,215 5.50%, 03/11/35 ............................... 5,252 5,163,748 7,406,963 Banks — 14.0% Bank of America Corp. 1.90%, 07/23/31, (1-day SOFR + 1.53%) (b) . . . . . . 404 358,321 6.20%, 11/10/28, (1-day SOFR + 1.99%) (b) ...... 6,940 7,062,280 Series FF, 5.88%, (3-mo. CME Term SOFR + 3.19%) (a)(b)(c) ............................... 6,315 6,313,837 Citibank N.A. 4.84%, 08/06/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 281,020 5.80%, 09/29/28 (a) ............................. 5,390 5,514,380 Citigroup, Inc., 4.45%, 09/29/27 . . . . . . . . . . . . . . . . . . . 25 24,951 Citizens Financial Group, Inc. 5.72%, 07/23/32, (1-day SOFR + 1.91%) (b) ...... 1,601 1,620,695 5.84%, 01/23/30, (1-day SOFR + 2.01%) (b) ...... 6,163 6,272,636 6.65%, 04/25/35, (1-day SOFR + 2.33%) (b) . . . . . . 637 670,267 Fifth Third Bancorp 4.77%, 07/28/30, (1-day SOFR Index + 2.13%) (b) ................................... 2,963 2,941,419 5.63%, 01/29/32, (1-day SOFR + 1.84%) (b) ...... 6,398 6,474,799
Security
Par (000) Value
Banks (continued) 6.36%, 10/27/28, (1-day SOFR Index + 2.19%) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158 $ 160,696 First Citizens BancShares, Inc. 4.87%, 03/03/32, (1-day SOFR + 1.49%) (b) ...... 1,610 1,551,203 5.60%, 09/05/35, (5-year CMT + 1.85%) (b) ...... 1,008 980,752 6.25%, 03/12/40, (5-year CMT + 1.97%) (b) ...... 5,465 5,284,032 First Horizon Corp., 5.51%, 03/07/31, (1-day SOFR + 1.77%) (b) .................................... 1,053 1,053,212 Goldman Sachs Group, Inc. (The) 5.33%, 07/23/35, (1-day SOFR + 1.55%) (b) ...... 7,006 6,880,236 5.54%, 01/28/36, (1-day SOFR + 1.38%) (b) . . . . . . 6,119 6,055,354 6.48%, 10/24/29, (1-day SOFR + 1.77%) (b) ...... 6,072 6,258,100 6.56%, 10/24/34, (1-day SOFR + 1.95%) (b) ...... 6,627 7,023,867 HSBC Holdings PLC 2.36%, 08/18/31, (1-day SOFR + 1.95%) (b) ...... 1,060 952,096 2.80%, 05/24/32, (1-day SOFR + 1.19%) (b) ...... 1,682 1,504,143 3.97%, 05/22/30, (3-mo. CME Term SOFR + 1.87%) (a)(b) ................................. 7,545 7,336,336 5.55%, 03/04/30, (1-day SOFR + 1.46%) (b) ...... 6,491 6,569,983 5.79%, 05/13/36, (1-day SOFR + 1.88%) (b) ...... 2,910 2,924,440 7.39%, 11/03/28, (1-day SOFR + 3.35%) (b) ...... 4,300 4,430,988 Huntington Bancshares, Inc./Ohio, 6.21%, 08/21/29, (1-day SOFR + 2.02%) (b) ............. 7,067 7,235,682 JPMorgan Chase & Co. 2.55%, 11/08/32, (1-day SOFR + 1.18%) (b) ...... 8,179 7,189,041 2.96%, 01/25/33, (1-day SOFR + 1.26%) (b) ...... 8,215 7,334,533 Series NN, 6.88%, (5-year CMT + 2.74%) (a)(b)(c) . 6,985 7,232,178 KeyCorp, 6.40%, 03/06/35, (1-day SOFR Index + 2.42%) (a)(b) .................................... 6,892 7,171,081 M&T Bank Corp. 5.05%, 01/27/34, (1-day SOFR + 1.85%) (b) ...... 2,559 2,487,776 5.30%, 04/18/36, (5-year CMT + 1.38%) (b) . . . . . . 444 435,226 5.40%, 07/30/35, (5-year CMT + 1.43%) (b) . . . . . . 158 156,632 6.08%, 03/13/32, (1-day SOFR + 2.26%) (b) ...... 5,685 5,857,863 Morgan Stanley 2.70%, 01/22/31, (1-day SOFR + 1.14%) (b) ...... 7,059 6,523,358 3.62%, 04/01/31, (1-day SOFR + 3.12%) (b) ...... 5,415 5,148,443 6.30%, 10/18/28, (1-day SOFR + 2.24%) (b) ...... 1,941 1,976,676 Pinnacle Bank/Nashville TN, 5.96%, 01/15/36, (5-year CMT + 2.30%) (b) ....................... 1,785 1,750,188 Pinnacle Financial Partners, Inc., 5.60%, 05/19/32, (1-day SOFR + 1.70%) (b) ....................... 5,458 5,395,290 PNC Financial Services Group, Inc. (The) 5.68%, 01/22/35, (1-day SOFR + 1.90%) (b) . . . . . . 817 825,686 Series V, 6.20%, (5-year CMT + 3.24%) (a)(b)(c) . . . 7,010 7,053,441 Regions Financial Corp., 5.72%, 06/06/30, (1-day SOFR + 1.49%) (b) ............................. 5,125 5,211,682 Santander Holdings USA, Inc. 5.74%, 03/20/31, (1-day SOFR + 1.88%) (b) ...... 4,455 4,512,262 6.17%, 01/09/30, (1-day SOFR + 2.50%) (b) ...... 4,403 4,497,296 6.50%, 03/09/29, (1-day SOFR + 2.36%) (b) . . . . . . 415 423,881 Santander U.K. Group Holdings PLC 5.14%, 09/22/36, (1-day SOFR Index + 1.58%) (b) ................................... 7,647 7,248,301 6.53%, 01/10/29, (1-day SOFR + 2.60%) (b) ...... 1,450 1,479,929 Valley National Bancorp, 6.22%, 06/01/36, (3-mo. CME Term SOFR + 2.43%) (b) ................... 1,849 1,823,935 Wells Fargo & Co. 4.90%, 07/25/33, (1-day SOFR + 2.10%) (b) ...... 2,609 2,552,252 5.39%, 04/24/34, (1-day SOFR + 2.02%) (b) ...... 2,104 2,101,221 6.49%, 10/23/34, (1-day SOFR + 2.06%) (b) ...... 1,503 1,593,480
Schedule of Investments (unaudited) August 31, 2026
iShares Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 8 BNM1026U-6054792-19277011
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Security
Par (000) Value
Banks (continued) 7.63%, (5-year CMT + 3.61%) (a)(b)(c) ............ $ 6,842 $ 7,122,010 208,839,386 Beverages — 0.9% Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36 ............... 5,720 5,418,496 Anheuser-Busch InBev Worldwide, Inc. 5.45%, 01/23/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 586,610 8.20%, 01/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 471,127 Coca-Cola Co. (The), 2.75%, 06/01/60 ............ 2,605 1,424,020 Constellation Brands, Inc., 4.95%, 11/01/35 (a) . . . . . . 327 31 1,512 Keurig Dr Pepper, Inc., 5.15%, 05/15/35 (a) ......... 1,214 1,176,672 Maple Parent Holdings Corp. 5.05%, 03/26/31 (d) ............................. 1,952 1,922,206 5.70%, 03/26/36 (a)(d) ........................... 2,533 2,494,495 13,805,138 Biotechnology — 1.5% Amgen, Inc., 4.40%, 05/01/45 ..................... 2,750 2,244,852 Biogen, Inc. 2.25%, 05/01/30 ............................... 7,333 6,646,455 5.75%, 05/15/35 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 1,134,990 Bio-Rad Laboratories, Inc., 3.70%, 03/15/32 (a) ..... 6,050 5,584,746 Royalty Pharma PLC 3.30%, 09/02/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723 543,090 5.20%, 09/25/35 ............................... 6,546 6,361,301 22,515,434 Building Materials — 0.8% Amrize Finance U.S. LLC, 5.40%, 04/07/35 . . . . . . . . 695 687,126 Carlisle Companies, Inc., 2.75%, 03/01/30 (a) . . . . . . . 506 469,142 CRH America Finance, Inc., 5.40%, 05/21/34 (a) .... 5,245 5,227,637 Eagle Materials, Inc., 5.00%, 03/15/36 ............. 5,740 5,414,715 11,798,620 Chemicals — 0.5% CF Industries, Inc., 5.30%, 11/26/35 (a) ............. 7,299 7,095,187
Commercial Services — 0.9% Equifax, Inc., 2.35%, 09/15/31 (a) .................. 4,986 4,347,227 Mobility Global, Inc. 5.45%, 06/15/31 (d) ............................. 2,141 2,131,686 6.05%, 06/15/36 (d) ............................. 2,454 2,406,853 Quanta Services, Inc. 5.10%, 08/09/35 ............................... 1,445 1,392,882 5.25%, 08/09/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 400,751 Rollins, Inc., 5.25%, 02/24/35 ..................... 1,398 1,360,980 Verisk Analytics, Inc., 5.25%, 03/15/35 ............. 1,700 1,653,698 13,694,077 Computers — 0.9% Apple, Inc. 2.55%, 08/20/60 (a) ............................. 13,046 6,638,019 2.80%, 02/08/61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712 383,781 2.85%, 08/05/61 ............................... 2,820 1,529,879 CGI, Inc., 4.95%, 03/14/30 ........................ 2,181 2,158,343 NetApp, Inc. 5.50%, 03/17/32 ............................... 1,397 1,403,715 5.70%, 03/17/35 ............................... 1,248 1,248,307 13,362,044 Diversified Financial Services — 3.9% AerCap Ireland Capital DAC/AerCap Global Aviation Trust 6.50%, 01/31/56, (5-year CMT + 2.44%) (b) . . . . . . 985 990,449 6.95%, 03/10/55, (5-year CMT + 2.72%) (b) ...... 5,068 5,203,489
Security
Par (000) Value
Diversified Financial Services (continued) Apollo Global Management, Inc. 5.15%, 08/12/35 (a) ............................. $ 5,830 $ 5,581,575 5.70%, 03/30/36 (a) ............................. 2,261 2,232,461 Broadridge Financial Solutions, Inc. 2.60%, 05/01/31 . . . ............................ 4,070 3,619,647 2.90%, 12/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,111 1,973,682 Capital One Financial Corp. 7.62%, 10/30/31, (1-day SOFR + 3.07%) (b) ...... 5,506 5,968,165 7.96%, 11/02/34, (1-day SOFR Index + 3.37%) (b) ................................... 6,101 6,890,104 Enact Holdings, Inc., 6.25%, 05/28/29 . . . .......... 5,027 5,146,399 LPL Holdings, Inc. 5.20%, 03/15/30 . . . ............................ 3,908 3,899,719 5.65%, 03/15/35 . . . ............................ 1,244 1,218,437 5.75%, 06/15/35 (a) ............................. 1,371 1,349,391 Synchrony Financial 5.02%, 07/29/29, (1-day SOFR + 1.40%) (b) ...... 1,055 1,051,792 5.45%, 03/06/31, (1-day SOFR + 1.68%) (a)(b) . . . . 312 310,893 5.94%, 08/02/30, (1-day SOFR Index + 2.13%) (b) ................................... 5,096 5,168,896 6.00%, 07/29/36, (1-day SOFR + 2.07%) (b) ...... 1,959 1,931,152 TPG Operating Group II LP, 4.88%, 05/15/31 . . . . . . 1,603 1,565,975 Visa, Inc., 2.00%, 08/15/50 (a) ...................... 7,151 3,669,854 57,772,080 Electric — 13.2% AES Corp. (The) 2.45%, 01/15/31 (a) ............................. 2,936 2,590,372 5.80%, 03/15/32 . . . ............................ 5,848 5,864,610 Ameren Corp., 5.38%, 03/15/35 ................... 5,300 5,232,749 American Electric Power Co., Inc., 5.63%, 03/01/33 (a) .................................... 5,731 5,835,728 CenterPoint Energy Houston Electric LLC Series AQ, 4.95%, 08/15/35 . ................... 1,949 1,881,346 Series AR, 4.85%, 04/01/36 .................... 6,070 5,792,280 CenterPoint Energy, Inc., 5.95%, 04/01/56, (5-year CMT + 2.22%) (b) ............................... 2,349 2,315,676 Commonwealth Edison Co., 5.95%, 06/01/55 . . .... 1,973 1,921,901 Consumers Energy Co., 5.05%, 05/15/35. . ........ 1,696 1,660,557 Dominion Energy, Inc. 5.45%, 03/15/35 . . . ............................ 1,689 1,667,616 6.00%, 02/15/56, (5-year CMT + 2.26%) (b) . . . . . . 363 360,039 Series A, 6.88%, 02/01/55, (5-year CMT + 2.39%) (b) ................................... 7,157 7,281,424 DTE Electric Co. 5.25%, 05/15/35 (a) ............................. 1,882 1,861,512 Series A, 4.85%, 03/01/36. . . . .................. 3,255 3,100,176 DTE Energy Co., 5.85%, 06/01/34 ................. 5,786 5,910,623 Duke Energy Carolinas LLC 3.20%, 08/15/49 . . . ............................ 1,664 1,080,723 4.95%, 01/15/33 . . . ............................ 1,224 1,211,287 5.15%, 06/15/36 . . . ............................ 3,000 2,924,605 Duke Energy Florida LLC, 4.85%, 12/01/35 . . . . . . . . 1,968 1,883,796 Duke Energy Indiana LLC, Series DDDD, 4.95%, 03/15/36 (a) .................................... 1,669 1,601,175 Duke Energy Progress LLC 5.05%, 03/15/35 . . . ............................ 6,191 6,043,425 5.55%, 03/15/55 . . . ............................ 5,130 4,735,995 Edison International, 4.80%, 03/15/31 . . . .......... 2,298 2,197,221 Emera U.S. Finance LP, 4.75%, 06/15/46 . . . ....... 8,598 7,096,093 Entergy Arkansas LLC, 4.95%, 01/15/36 (a) . . . . . . . . . 387 370,883
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)
9 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
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Security
Par (000) Value
Electric (continued) Entergy Corp., 7.13%, 12/01/54, (5-year CMT + 2.67%) (b) ...................................... $ 6,911 $ 7,104,999 Entergy Louisiana LLC 4.90%, 04/15/36 ............................... 1,166 1,108,517 5.80%, 03/15/55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 706 668,744 Entergy Mississippi LLC, 5.05%, 04/15/36 ......... 2,273 2,177,343 Entergy Texas, Inc., 5.25%, 04/15/35 .............. 1,027 1,009,133 Evergy Kansas Central, Inc., 5.25%, 03/15/35 ..... 1,048 1,028,082 Evergy, Inc., 6.65%, 06/01/55, (5-year CMT + 2.56%) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576 579,781 Eversource Energy, Series A, 6.10%, 08/15/56, (5-year CMT + 2.52%) (a)(b) ..................... 5,411 5,352,858 Florida Power & Light Co. 3.95%, 03/01/48 ............................... 3,356 2,522,198 5.30%, 06/15/34 ............................... 6,913 6,920,815 Kentucky Utilities Co., 5.85%, 08/15/55 ............ 2,144 2,058,225 Louisville Gas and Electric Co., 5.85%, 08/15/55 . . . 2,187 2,099,136 National Grid PLC 5.42%, 01/11/34 ............................... 2,079 2,070,419 5.81%, 06/12/33 ............................... 5,265 5,390,084 NextEra Energy Capital Holdings, Inc., 6.70%, 09/01/54, (5-year CMT + 2.36%) (b) .............. 6,976 7,091,467 Oncor Electric Delivery Co. LLC 5.35%, 04/01/35 ............................... 2,175 2,165,812 5.55%, 06/15/54 ............................... 4,523 4,171,300 5.65%, 11/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 376,543 5.80%, 04/01/55 ............................... 2,085 1,986,580 5.90%, 03/15/56 (d) ............................. 1,550 1,496,722 Pacific Gas and Electric Co. 5.70%, 03/01/35 ............................... 3,348 3,301,372 6.00%, 08/15/35 ............................... 5,966 6,006,121 6.70%, 04/01/53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 253,833 6.95%, 03/15/34 (a) ............................. 5,314 5,683,550 PECO Energy Co., 5.65%, 09/15/55 ............... 1,749 1,642,909 PPL Electric Utilities Corp., 5.25%, 05/15/53 ....... 5,051 4,498,646 Public Service Co. of Colorado 5.15%, 09/15/35 ............................... 1,614 1,568,014 5.35%, 05/15/34 ............................... 5,935 5,899,765 5.75%, 05/15/54 ............................... 1,876 1,769,432 Public Service Co. of Oklahoma 5.20%, 01/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 752 731,796 5.45%, 01/15/36 (a) ............................. 1,092 1,074,617 Public Service Electric and Gas Co. Series Q, 5.50%, 03/01/55 . . . . . . . . . . . . . . . . . . . . . 980 905,231 Series R, 5.40%, 08/01/36 ..................... 2,410 2,406,894 Series R, 5.63%, 01/01/56 (a) ................... 1,947 1,833,477 San Diego Gas & Electric Co., Series DDDD, 5.20%, 03/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 335,855 Sempra 6.38%, 04/01/56, (5-year CMT + 2.63%) (b) ...... 3,945 3,953,426 6.88%, 10/01/54, (5-year CMT + 2.79%) (a)(b) .... 6,948 7,063,370 Southern Co. (The), 4.40%, 07/01/46 . . . . . . . . . . . . . . 650 524,052 Southwestern Public Service Co., 5.30%, 05/15/35. 1,200 1,176,924 System Energy Resources, Inc., 5.30%, 12/15/34 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537 524,454 Union Electric Co. 5.25%, 04/15/35 ............................... 1,500 1,482,078 5.75%, 09/15/56 ............................... 1,400 1,329,955 Xcel Energy, Inc., 5.45%, 08/15/33 ................ 2,785 2,786,906 196,553,247
Security
Par (000) Value
Electronics — 0.7% Jabil, Inc., 4.75%, 02/01/33 . . . .................... $ 1,795 $ 1,717,370 Keysight Technologies, Inc., 4.95%, 10/15/34 . . . . . . 353 340,343 TD SYNNEX Corp. 4.30%, 01/17/29 . . . ............................ 1,685 1,655,173 5.30%, 10/10/35 . . . ............................ 2,105 2,013,471 Trimble, Inc., 6.10%, 03/15/33. . ................... 5,320 5,465,920 11,192,277 Engineering & Construction — 0.4% Jacobs Solutions, Inc., 4.75%, 03/03/31 . . . . . . . . . . . 5,361 5,233,589
Food — 1.5% General Mills, Inc., 5.25%, 01/30/35 (a) ............. 4,884 4,788,257 J M Smucker Co. (The), 6.50%, 11/15/43 (a) ........ 1,088 1,142,496 Kraft Heinz Foods Co. 5.20%, 03/15/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677 675,146 5.20%, 07/15/45 . . . ............................ 7,560 6,564,078 5.40%, 03/15/35 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684 676,315 Sysco Corp., 4.95%, 03/25/36 (a) ................... 2,332 2,189,736 Tyson Foods, Inc., 5.70%, 03/15/34 (a) . . . . . . . . . . . . . 6,096 6,177,888 22,213,916 Gas — 0.8% National Fuel Gas Co. 5.05%, 10/15/31 . . . ............................ 1,602 1,574,249 5.50%, 03/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674 679,970 5.50%, 05/15/36 . . . ............................ 1,600 1,555,531 5.95%, 03/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 805,609 NiSource, Inc., 5.35%, 07/15/35 (a) ................. 6,317 6,207,950 Southern California Gas Co., 6.00%, 06/15/55 . . . . . 1,585 1,540,645 12,363,954 Health Care - Products — 1.3% Augusta SpinCo Corp., 5.25%, 03/23/36 (a) . . . . . . . . . 1,412 1,376,542 Smith & Nephew PLC, 2.03%, 10/14/30 . . . . . . . . . . . 8,100 7,164,967 Solventum Corp., 5.60%, 03/23/34 (a) .............. 7,011 7,039,696 Zimmer Biomet Holdings, Inc. 2.60%, 11/24/31 . . . ............................ 3,895 3,443,477 5.20%, 09/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968 949,130 19,973,812 Health Care - Services — 2.9% Cigna Group (The) 4.80%, 08/15/38 . . . ............................ 7,600 6,995,166 4.80%, 07/15/46 . . . ............................ 5,553 4,689,928 4.90%, 12/15/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 329,394 5.25%, 02/15/34 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341 338,142 HCA, Inc. 3.63%, 03/15/32 . . . ............................ 6,800 6,254,591 5.13%, 06/15/39 . . . ............................ 3,508 3,249,335 5.25%, 06/15/49 . . . ............................ 3,786 3,252,957 5.50%, 06/15/47 (a) ............................. 2,656 2,380,716 Humana, Inc. 5.55%, 05/01/35 . . . ............................ 5,651 5,536,762 5.95%, 03/15/34 . . . ............................ 4,023 4,083,363 Laboratory Corp. of America Holdings, 4.80%, 10/01/34 . ..................................... 6,202 5,940,264 43,050,618 Holding Companies - Diversified — 2.0% Ares Capital Corp. 5.10%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 582 560,526 5.50%, 09/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 348,840 5.88%, 03/01/29 . . . ............................ 5,735 5,770,477 5.95%, 07/15/29 . . . ............................ 2,354 2,371,205
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 10 BNM1026U-6054792-19277011
Page 11
Security
Par (000) Value
Holding Companies - Diversified (continued) Blackstone Secured Lending Fund 5.13%, 01/31/31 (a) ............................. $ 1,975 $ 1,878,030 5.30%, 06/30/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 999 969,529 5.35%, 04/13/28 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939 936,227 5.90%, 05/21/31 (a) ............................. 1,934 1,895,954 Golub Capital BDC, Inc. 6.00%, 07/15/29 ............................... 4,860 4,875,807 6.25%, 06/01/31 ............................... 2,098 2,082,315 HA Sustainable Infrastructure Capital, Inc. 6.15%, 01/15/31 (a) ............................. 1,882 1,913,464 6.38%, 07/01/34 ............................... 6,122 6,164,792 29,767,166 Home Builders — 0.1% Toll Brothers Finance Corp., 5.60%, 06/15/35 ...... 1,106 1,097,303
Insurance — 5.2% AEGON Funding Co. LLC, 5.63%, 05/07/36 ....... 1,631 1,586,962 American International Group, Inc., 5.13%, 03/27/33 (a) .................................... 5,020 4,969,530 Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/33 ...................................... 4,305 4,296,042 Arthur J Gallagher & Co., 5.15%, 02/15/35 (a) ....... 7,233 7,015,508 Brown & Brown, Inc. 4.90%, 06/23/30 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261 258,052 5.25%, 06/23/32 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 484 476,390 5.55%, 06/23/35 (a) ............................. 7,279 7,111,316 CNA Financial Corp., 5.20%, 08/15/35 ............. 1,479 1,421,858 Corebridge Financial, Inc. 6.88%, 12/15/52, (5-year CMT + 3.85%) (b) ...... 7,012 7,116,191 6.88%, (5-year CMT + 3.18%) (a)(b)(c) ............ 1,456 1,507,575 Fairfax Financial Holdings Ltd. 5.63%, 08/16/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,119 4,151,094 5.75%, 05/20/35 (a) ............................. 1,751 1,752,165 6.00%, 12/07/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 988 1,010,284 6.35%, 03/22/54 ............................... 1,288 1,258,814 Hanover Insurance Group, Inc. (The), 5.50%, 09/01/35 ...................................... 1,607 1,569,590 Jackson Financial, Inc., 6.15%, 01/15/37 .......... 5,477 5,356,173 Mercury General Corp., 6.25%, 06/15/36 .......... 1,777 1,753,930 MetLife, Inc. 5.85%, 03/15/56, (5-year CMT + 1.82%) (b) ...... 2,842 2,754,361 Series G, 6.35%, 03/15/55, (5-year CMT + 2.08%) (b) ................................... 6,828 6,947,217 Old Republic International Corp., 5.70%, 06/01/36 (a) .................................... 2,574 2,521,652 Prudential Financial, Inc., 5.70%, 09/15/48, (3-mo. SOFR US + 2.93%) (a)(b) ........................ 7,323 7,335,226 Reinsurance Group of America, Inc., 6.65%, 09/15/55, (5-year CMT + 2.39%) (b) . . . . . . . . . . . . . . 721 717,239 Willis North America, Inc., 5.35%, 05/15/33 ........ 5,290 5,260,080 78,147,249 Internet — 3.2% Alphabet, Inc. 2.05%, 08/15/50 ............................... 4,468 2,239,306 2.25%, 08/15/60 (a) ............................. 14,264 6,578,894 Amazon.com, Inc. 2.50%, 06/03/50 ............................... 4,988 2,702,715 2.70%, 06/03/60 ............................... 2,184 1,110,463 6.05%, 03/13/76 ............................... 7,323 6,759,478 AppLovin Corp. 5.38%, 12/01/31 ............................... 6,264 6,268,329
Security
Par (000) Value
Internet (continued) 5.50%, 12/01/34 . . . ............................ $ 1,728 $ 1,699,468 Booking Holdings, Inc., 5.38%, 05/07/36. . . . . . . . . . . 905 891,772 Expedia Group, Inc. 5.40%, 02/15/35 (a) ............................. 7,160 6,986,275 5.50%, 04/15/36 . . . ............................ 1,211 1,176,747 Meta Platforms, Inc. 6.20%, 05/15/46 . . . ............................ 3,643 3,420,651 6.45%, 05/15/66 . . . ............................ 3,722 3,404,302 VeriSign, Inc. 2.70%, 06/15/31 . . . ............................ 3,865 3,441,209 5.25%, 06/01/32 . . . ............................ 1,003 995,062 47,674,671 Iron & Steel — 0.6% ArcelorMittal SA, 5.38%, 05/19/36 . . ............... 5,127 4,991,094 Steel Dynamics, Inc., 5.25%, 05/15/35. . . . . . . ...... 4,719 4,634,557 9,625,651 Leisure Time — 0.6% Royal Caribbean Cruises Ltd. 4.75%, 05/15/33 . . . ............................ 1,705 1,624,986 5.38%, 01/15/36 (a) ............................. 7,084 6,851,674 8,476,660 Lodging — 1.3% Hyatt Hotels Corp., 5.75%, 03/30/32. . . . . . . . . . . . . . . 796 808,755 Las Vegas Sands Corp. 5.63%, 06/15/28 . . . ............................ 5,087 5,130,665 5.65%, 05/18/33 (a) ............................. 2,006 1,974,310 6.00%, 06/14/30 . . . ............................ 1,328 1,352,686 Marriott International, Inc. 5.30%, 05/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 415,979 5.35%, 03/15/35 . . . ............................ 6,969 6,851,002 5.50%, 04/15/37 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462 453,251 Series GG, 3.50%, 10/15/32 (a) .................. 1,037 941,060 Series HH, 2.85%, 04/15/31 . . . ................. 1,256 1,140,198 19,067,906 Machinery — 0.5% Ingersoll Rand, Inc., 5.70%, 08/14/33 .............. 6,552 6,681,175 Vertiv Holdings Co., 5.95%, 03/15/66 (a) . . . . . . . . . . . . 1,607 1,490,246 8,171,421 Manufacturing — 0.0% Textron, Inc., 5.50%, 05/15/35. . . . . . . . . . . . . . . . . . . . . 544 541,186
Media — 0.9% Space Exploration Technologies Corp. 5.65%, 07/15/33 (d) ............................. 7,666 7,395,677 5.88%, 07/15/36 (d) ............................. 5,140 4,844,290 Walt Disney Co. (The), 6.65%, 11/15/37 . . ......... 1,171 1,282,592 13,522,559 Mining — 1.0% Freeport-McMoRan, Inc., 5.45%, 03/15/43 . . ....... 7,376 6,929,318 Southern Copper Corp. 5.35%, 06/24/36 . . . ............................ 3,750 3,639,187 5.88%, 04/23/45 . . . ............................ 3,729 3,655,463 6.75%, 04/16/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557 599,456 14,823,424 Oil & Gas — 4.8% Antero Resources Corp., 5.40%, 02/01/36 (a) ....... 5,494 5,303,964 Canadian Natural Resources Ltd., 5.40%, 12/15/34 . ..................................... 1,695 1,685,125 Diamondback Energy, Inc., 6.25%, 03/15/33 ....... 6,729 7,058,589
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)
11 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 12
Security
Par (000) Value
Oil & Gas (continued) EQT Corp. 4.75%, 01/15/31 ............................... $ 4,367 $ 4,291,025 5.75%, 02/01/34 ............................... 3,835 3,867,269 Expand Energy Corp., 5.70%, 01/15/35 ............ 5,687 5,666,713 HF Sinclair Corp. 5.50%, 09/01/32 ............................... 1,772 1,767,884 6.25%, 01/15/35 ............................... 5,221 5,352,715 Occidental Petroleum Corp. 5.38%, 01/01/32 (a) ............................. 6,295 6,353,229 8.88%, 07/15/30 (a) ............................. 3,334 3,713,786 Phillips 66, Series A, 5.88%, 03/15/56, (5-year CMT + 2.28%) (b) ............................... 7,122 7,032,634 Valero Energy Corp., 6.63%, 06/15/37 ............. 3,448 3,719,144 Viper Energy Partners LLC 4.90%, 08/01/30 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 840,477 5.70%, 08/01/35 (a) ............................. 6,569 6,545,527 Woodside Finance Ltd. 5.40%, 05/19/30 (a) ............................. 6,518 6,580,567 5.70%, 05/19/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775 788,228 6.00%, 05/19/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452 460,951 71,027,827 Packaging & Containers — 0.2% AptarGroup, Inc., 4.75%, 03/30/31 (a) .............. 2,068 2,028,859 Packaging Corp. of America, 5.20%, 08/15/35 ..... 1,657 1,622,139 3,650,998 Pharmaceuticals — 3.7% AstraZeneca PLC, 6.45%, 09/15/37 ............... 4,926 5,315,533 Cardinal Health, Inc., 5.35%, 11/15/34 ............. 7,088 7,013,073 Cencora, Inc., 2.70%, 03/15/31 ................... 7,421 6,707,336 CVS Health Corp. 4.78%, 03/25/38 ............................... 1,305 1,185,749 5.25%, 02/21/33 ............................... 1,457 1,451,319 5.30%, 06/01/33 (a) ............................. 6,193 6,153,446 5.45%, 09/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 31 1,764 5.70%, 06/01/34 ............................... 6,520 6,596,577 6.00%, 06/01/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 433,260 6.00%, 06/01/63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 272,011 Eli Lilly & Co. 2.25%, 05/15/50 (a) ............................. 10,853 5,884,666 2.50%, 09/15/60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,114 2,098,365 Johnson & Johnson 2.25%, 09/01/50 ............................... 9,717 5,380,302 2.45%, 09/01/60 (a) ............................. 12,645 6,509,959 55,313,360 Pipelines — 8.2% Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651 627,249 Cheniere Energy Partners LP 3.25%, 01/31/32 ............................... 1,407 1,274,436 4.00%, 03/01/31 ............................... 5,329 5,082,285 5.75%, 08/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 656,840 5.95%, 06/30/33 (a) ............................. 1,082 1,113,401 Cheniere Energy, Inc., 5.65%, 04/15/34 ............ 6,875 6,935,470 Enbridge, Inc. 6.25%, 03/01/78, (3-mo. CME Term SOFR + 3.90%) (b) ................................... 1,420 1,421,446 8.25%, 01/15/84, (5-year CMT + 3.79%) (b) ...... 5,254 5,537,043 Series 20-A, 5.75%, 07/15/80, (5-year CMT + 5.31%) (b) ................................... 6,296 6,273,916
Security
Par (000) Value
Pipelines (continued) Energy Transfer LP 5.75%, 02/15/33 . . . ............................ $ 2,974 $ 3,035,110 6.25%, 04/15/49 . . . ............................ 2,532 2,453,600 6.55%, 12/01/33 . . . ............................ 6,552 6,957,890 Kinder Morgan, Inc. 4.80%, 02/01/33 . . . ............................ 5,288 5,150,505 5.20%, 06/01/33 . . . ............................ 3,500 3,484,926 MPLX LP 4.50%, 04/15/38 . . . ............................ 1,568 1,387,305 4.95%, 09/01/32 . . . ............................ 1,099 1,077,415 5.00%, 03/01/33 . . . ............................ 5,917 5,786,768 5.40%, 04/01/35 . . . ............................ 3,056 2,998,447 5.50%, 06/01/34 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688 683,755 ONEOK, Inc. 6.05%, 09/01/33 (a) ............................. 5,538 5,707,935 6.10%, 11/15/32 . . . ............................ 2,320 2,403,686 Plains All American Pipeline LP, 5.95%, 06/15/35. . . 7,068 7,154,480 Plains All American Pipeline LP/PAA Finance Corp., 5.60%, 01/15/36 . ....................... 1,691 1,666,235 Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 . . . 7,251 7,128,667 South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/34 . . . ............................ 7,397 7,248,456 Targa Resources Corp., 6.13%, 03/15/33 . . . . . . . . . . 3,145 3,258,607 Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 01/15/32 (a) . . . . . 7,583 7,133,158 TransCanada PipeLines Ltd., 7.00%, 06/01/65, (5-year CMT + 2.61%) (b) ....................... 5,138 5,244,136 Transcanada Trust, 5.50%, 09/15/79, (3-mo. CME Term SOFR + 4.42%) (b) ........................ 4,934 4,873,169 Western Midstream Operating LP 4.05%, 02/01/30 . . . ............................ 1,708 1,647,701 5.45%, 11/15/34 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712 697,205 5.50%, 12/15/35 (a) ............................. 1,315 1,278,618 6.15%, 04/01/33 . . . ............................ 5,104 5,262,805 122,642,665 Real Estate — 0.5% CBRE Services, Inc. 5.25%, 06/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734 707,175 5.50%, 06/15/35 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 343,383 5.95%, 08/15/34 . . . ............................ 6,638 6,762,870 7,813,428 Real Estate Investment Trusts — 4.1% American Homes 4 Rent LP 4.95%, 06/15/30 . . . ............................ 1,570 1,557,207 5.25%, 03/15/35 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261 254,074 Brixmor Operating Partnership LP, 4.05%, 07/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628 603,401 Crown Castle, Inc. 5.10%, 05/01/33 . . . ............................ 4,857 4,720,971 5.80%, 03/01/34 . . . ............................ 5,476 5,513,775 EPR Properties, 4.75%, 11/15/30 .................. 1,987 1,926,602 Equinix Europe 2 Financing Corp. LLC 4.70%, 03/15/33 . . . ............................ 1,742 1,656,871 5.50%, 06/15/34 . . . ............................ 5,220 5,149,388 Equinix, Inc. 5.50%, 08/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 494,009 5.80%, 08/15/36 . . . ............................ 2,430 2,398,722 Extra Space Storage LP 4.95%, 01/15/33 . . . ............................ 5,792 5,640,332 5.40%, 06/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680 670,224
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 12 BNM1026U-6054792-19277011
Page 13
Security
Par (000) Value
Real Estate Investment Trusts (continued) GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/32 ............................... $ 6,476 $ 5,715,832 5.25%, 02/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 248,393 5.63%, 09/15/34 ............................... 1,181 1,147,037 5.63%, 03/01/36 ............................... 1,316 1,253,570 5.75%, 11/01/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 41 1,259 Healthcare Realty Holdings LP, 2.00%, 03/15/31 . . . 3,182 2,764,091 Host Hotels & Resorts LP 5.70%, 06/15/32 ............................... 1,220 1,231,144 Series I, 3.50%, 09/15/30 (a) .................... 2,139 2,001,359 Invitation Homes Operating Partnership LP, 4.95%, 01/15/33 ...................................... 2,050 1,989,578 Omega Healthcare Investors, Inc., 5.20%, 07/01/30 ...................................... 1,605 1,593,866 Sun Communities Operating LP, 2.70%, 07/15/31 . . 4,020 3,569,263 VICI Properties LP 5.13%, 11/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 233,729 5.13%, 05/15/32 ............................... 7,210 7,010,955 5.63%, 04/01/35 ............................... 1,561 1,527,246 61,282,898 Retail — 0.6% AutoZone, Inc., 5.40%, 07/15/34 (a) . . . . . . . . . . . . . . . . 552 549,554 Dollar General Corp., 5.45%, 07/05/33 (a) .......... 6,848 6,853,982 Walmart, Inc., 2.65%, 09/22/51 (a) .................. 1,769 1,041,066 8,444,602 Semiconductors — 1.1% Broadcom, Inc., 3.42%, 04/15/33 .................. 3,560 3,121,664 Marvell Technology, Inc., 5.45%, 07/15/35 ......... 1,256 1,235,759 NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506 477,047 5.00%, 01/15/33 ............................... 2,070 2,021,902 5.25%, 08/19/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 170,785 Skyworks Solutions, Inc. 5.75%, 01/10/32 ............................... 2,230 2,213,647 6.25%, 08/10/36 ............................... 2,260 2,214,856 TSMC Arizona Corp., 3.25%, 10/25/51 ............ 7,200 5,051,385 16,507,045 Shipbuilding — 0.0% Huntington Ingalls Industries, Inc., 5.35%, 01/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226 227,835
Software — 3.9% Autodesk, Inc., 5.30%, 06/15/35 (a) ................. 1,523 1,492,136 Microsoft Corp. 2.68%, 06/01/60 ............................... 10,897 5,666,515 3.04%, 03/17/62 (a) ............................. 10,560 5,945,983 MSCI, Inc., 5.25%, 09/01/35 (a) .................... 4,174 4,000,450 Oracle Corp. 2.95%, 04/01/30 ............................... 2,070 1,875,034 3.25%, 11/15/27 ............................... 3,210 3,145,973 Roper Technologies, Inc. 4.90%, 10/15/34 ............................... 1,622 1,539,979 5.10%, 09/15/35 ............................... 7,426 7,076,620 Salesforce, Inc. 5.20%, 03/15/33 ............................... 6,981 6,892,463 5.55%, 03/15/36 (a) ............................. 6,646 6,524,474 ServiceNow, Inc., 5.40%, 05/15/36 ................ 7,296 7,153,606 Workday, Inc., 3.80%, 04/01/32 (a) ................. 7,710 7,161,473 58,474,706
Security
Par (000) Value
Telecommunications — 4.7% AT&T, Inc. 4.50%, 05/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 708 $ 650,493 5.38%, 08/15/35 (a) ............................. 7,047 6,887,076 5.40%, 02/15/34 . . . ............................ 1,180 1,171,866 British Telecommunications Ltd., 9.63%, 12/15/30. . 6,028 7,034,293 Motorola Solutions, Inc. 2.75%, 05/24/31 . . . ............................ 1,710 1,537,128 5.40%, 04/15/34 . . . ............................ 4,979 4,927,461 5.55%, 08/15/35 . . . ............................ 2,728 2,714,450 Orange SA, 9.00%, 03/01/31. . . ................... 5,970 6,858,340 Sprint Capital Corp., 8.75%, 03/15/32 . . . . . . . . . . . . . 6,058 7,023,925 T-Mobile USA, Inc. 2.55%, 02/15/31 . . . ............................ 4,053 3,636,339 2.70%, 03/15/32 . . . ............................ 1,353 1,187,840 3.60%, 11/15/60 . . . ............................ 7,808 4,714,737 3.88%, 04/15/30 . . . ............................ 5,421 5,210,072 4.38%, 04/15/40 . . . ............................ 4,134 3,489,880 4.50%, 04/15/50 . . . ............................ 1,087 829,632 Verizon Communications, Inc. 4.40%, 11/01/34 . . . ............................ 1,890 1,752,842 4.50%, 08/10/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428 406,118 5.25%, 04/02/35 (a) ............................. 3,606 3,516,459 5.40%, 07/02/37 . . . ............................ 7,123 6,886,171 70,435,122 Transportation — 1.2% Fedex Freight Holding Co., Inc. 4.95%, 03/15/33 (d) ............................. 2,230 2,141,501 5.25%, 03/15/36 (d) ............................. 5,944 5,627,617 Union Pacific Corp., 3.80%, 04/06/71. . . . . . . . ...... 8,312 5,416,238 United Parcel Service, Inc., 6.20%, 01/15/38. . . .... 4,461 4,713,899 17,899,255 Water — 0.2% Essential Utilities, Inc. 5.13%, 03/15/36 . . . ............................ 1,634 1,575,411 5.25%, 08/15/35 . . . ............................ 1,650 1,614,953 3,190,364
Total Long-Term Investments — 97.9% (Cost: $1,494,069,297) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,60 2,678
Shares
Short-Term Securities Money Market Funds — 7.9% BlackRock Cash Funds: Institutional, SL Agency Shares, 3.84% (e)(f)(g) ........................... 104,322,294 104,353,590 BlackRock Cash Funds: Treasury, SL Agency Shares, 3.65% (e)(f) ............................. 13,650,000 13,650,000
Total Short-Term Securities — 7.9% (Cost: $117,998,295) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,003,590
Total Investments — 105.8% (Cost: $1,612,067,592) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,580,60 6,268 Liabilities in Excess of Other Assets — (5.8)% . . . . . . . . . . . . . . . . . . . (86 ,526,993)
Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,49 4,079,275 (a) All or a portion of this security is on loan.
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)
13 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 14
(b) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. (c) Perpetual security with no stated maturity date. (d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (e) Affiliate of the Fund. (f) Annualized 7-day yield as of period end.
(g) All or a portion of this security was purchased with the cash collateral from loaned securities.
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2026 for purposes of Section 2(a)(3) of the Inve stment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 02/28/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares ........................ $93,725,484 $ 10,655,710 (a) $ — $ (17,815) $ (9,789) $104,353,590 104,322,294 $ 132,983 (b) $— BlackRock Cash Funds: Treasury, SL Agency Shares ........................ 19,530,000 — (5,880,000) (a) — — 13,650,000 13,650,000 191,816 — $ (17,815) $ (9,789) $118,003,590 $324,799 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral inve stment fees, and other payments to and from borrowers of securities.
Fair Value Hiera rchy as of P eriod End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and infor mation about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Corporate Bonds & Notes ................................................................. $ — $1,462,602,678 $ — $1,462,602,678 Short-Term Securities Money Market Funds ..................................................................... 1 18,003,590 — — 118,003,590 $ 118,003,590 $1,462,602,678 $ — $1,580,606,268
See notes to financial statements.
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares Investment Grade Systematic Bond ETF
S CHEDULE OF I NVESTMENTS 14 BNM1026U-6054792-19277011
Page 15
iShares High Yield Systematic Bond ETF
iShares Investment Grade Systematic Bond ETF
ASSETS Investments, at value — unaffiliated (a)(b) .................................................................................................. $1,573,672,218 $1,462,602,678 Investments, at value — affiliated (c) ....................................................................................................... 237,347,758 118,003,590 Cash . ............................................................................................................................... . . . . 3,739 1,823 Foreign currency, at value (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 — Receivables: Investments sold ...................................................................................................................... 4,255,391 50,810,916 Securities lending income — affiliated .................................................................................................. 100,325 22,793 Dividends — affiliated ................................................................................................................. 5 1,366 28,601 Interest — unaffiliated ................................................................................................................. 29,759,729 22,857,021 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1, 845,190,815 1,654,327,422
LIABILITIES Collateral on securities loaned, at valu e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,8 26,001 104,384,070 Payables: Investments purchased ................................................................................................................ 23,810,967 55,635,017 Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 781 — Investment advisory fees .............................................................................................................. 476,135 229,060 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 ,113,884 160,248,147 Commitments and contingent liabilities
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1, 609,076,931 $1,494,079,275
NET ASSETS CONSIST OF Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,6 51,011,172 $1,543,106,831 Accumulated loss ........................................................................................................................ (41,934,241) (49,027,556) NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1, 609,076,931 $1,494,079,275
NET ASSET VALUE Shares outstanding ...................................................................................................................... 34,600,000 33,800,000 Net asset value .......................................................................................................................... $ 46.51 $ 44.20 Shares authorized ....................................................................................................................... Unlimited Unlimited Par value ............................................................................................................................... . None None
(a) Investments, at cost — unaffiliated .................................................................................................... $1,570,155,037 $1,494,069,297 (b) Securities loaned, at value ............................................................................................................ $ 203,046,038 $ 102,476,192 (c) Investments, at cost — affiliated ...................................................................................................... $ 237,331,824 $ 117,998,295 (d) Foreign currency, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 242 $ —
See notes to financial statements.
Statements of Assets and Liabilities (unaudited) August 31, 2026
15 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 16
iShares High Yield Systematic Bond ETF
iShares Investment Grade Systematic Bond ETF
INVESTMENT INCOME Dividends — affiliated ............................................................................................................................. $ 3 35,731 $ 191,816 Interest — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 ,994,722 36,718,113 Securities lending income — affiliated — net ....................................................................................................... 563,258 132,983 Other income — unaffiliated ....................................................................................................................... 77,470 — Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 ,971,181 37,042,912
EXPENSES Investment advisory .............................................................................................................................. 2 ,826,320 1,278,928 Total expenses ............................................................................................................................... . . . . . . . 2,826,320 1,278,928 Net investment income .............................................................................................................................. 5 4,144,861 35,763,984
REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1 1,316,514) (8,188,884) Investments — affiliated ........................................................................................................................ (25,568) (17,815) In-kind redemptions — unaffiliated (a) ............................................................................................................ (730,922) 552,377 (12,073,004) (7,654,322) Net change in unrealized appreciation (depreciation) on: Investments — unaffiliated ..................................................................................................................... (21,201,992) (55,902,939) Investments — affiliated ........................................................................................................................ (27,829) (9,789) Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) — (21,229,826) (55,912,728) Net realized and unrealized loss ..................................................................................................................... (33,302,830) (63,567,050) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . .............................................................. $ 20,842,031 $(27,803,066)
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations (unaudited) Six Months Ended August 31, 2026
S TATEMENTS OF O PERATIONS 16 BNM1026U-6054792-19277011
Page 17
iShares High Yield Systematic Bond ETF
iShares Investment Grade Systematic Bond ETF Six Months Ended 08/31/26 (unaudited)
Year Ended 02/28/26
Six Months Ended 08/31/26 (unaudited)
Year Ended 02/28/26 INCREASE (DECREASE) IN NET ASSETS
OPERATIONS Net investment income ..................................................................... $ 54,144,861 $ 112,448,887 $ 35,763,984 $ 64,982,170 Net realized gain (loss) ..................................................................... (12,073,004) (21,853,668) (7,654,322) 5,324,360 Net change in unrealized appreciation (depreciation) ......................................... (21,229,826) 11,701,759 (55,912,728) 21,048,176 Net increase (decrease) in net assets resulting from operations ................................. 20,842,031 102,296,978 (27,803,066) 91,354,706
DISTRIBUTIONS TO SHAREHOLDERS (a) Decrease in net assets resulting from distributions to shareholders .............................. (55,062,684) (b) (112,017,772) (35,802,041) (b) (63,802,862)
CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions . . . . . . .............. (50,460,179) 157,312,290 73,923,882 383,417,726
NET ASSETS Total increase (decrease) in net assets ......................................................... (84,680,832) 147,591,496 10,318,775 410,969,570 Beginning of period ........................................................................... 1,693,757,763 1,546,166,267 1,483,760,500 1,072,790,930 End of period ................................................................................. $1,609,076,931 $1,693,757,763 $1,494,079,275 $1,483,760,500
(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Statements of Changes in Net Assets
17 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 18
iShares High Yield Systematic Bond ETF Six Months Ended 08/31/26 (unaudited)
Year Ended 02/28/26
Year Ended 02/28/25
Year Ended 02/29/24
Year Ended 02/28/23
Year Ended 02/28/22
Net asset value, beginning of period ........................................... $ 47.44 $ 47.65 $ 46.18 $ 44.14 $ 49.27 $ 51.32 Net investment income (a) ...................................................... 1.58 3.31 3.43 3.44 2.66 2.23 Net realized and unrealized gain (loss) (b) ....................................... (0.91) (0.20) 1.39 1.80 (5.00) (1.90) Net increase (decrease) from investment operations .............................. 0.67 3.11 4.82 5.24 (2.34) 0.33 Distributions from net investment income (c) ....................................... (1.60) (d) (3.32) (3.35) (3.20) (2.79) (2.38) Net asset value, end of period .................................................. $ 46.51 $ 47.44 $ 47.65 $ 46.18 $ 44.14 $ 49.27
Total Return (e) Based on net asset value ........................................................ 1.48% (f) 6.84% 10.80% 12.43% (4.73)% 0.63%
Ratios to Average Net Assets (g) Total expenses .................................................................. 0.35% (h) 0.35% 0.35% 0.35% 0.35% 0.35% Net investment income .......................................................... 6.71% (h) 7.04% 7.29% 7.70% 5.89% 4.37%
Supplemental Data Net assets, end of period (000) ................................................... $1,609,077 $1,693,758 $1,546,166 $600,404 $134,615 $174,913 Portfolio turnover rate (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52% 93% 81% 67% 60% 67%
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t iming of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (e) Where applicable, assumes the reinvestment of distributions. (f) Not annualized. (g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Annualized. (i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
(For a share outstanding throughout each period)
F INANCIAL H IGHLIGHTS 18 BNM1026U-6054792-19277011
Page 19
iShares Investment Grade Systematic Bond ETF Six Months Ended 08/31/26 (unaudited)
Year Ended 02/28/26
Year Ended 02/28/25
Year Ended 02/29/24
Year Ended 02/28/23
Year Ended 02/28/22
Net asset value, beginning of period ........................................... $ 46.15 $ 45.27 $ 44.40 $ 43.60 $ 49.85 $ 53.69 Net investment income (a) ...................................................... 1.14 2.27 2.29 2.22 1.70 1.36 Net realized and unrealized gain (loss) (b) ....................................... (1.95) 0.86 0.85 0.70 (6.35) (3.19) Net increase (decrease) from investment operations .............................. (0.81) 3.13 3.14 2.92 (4.65) (1.83)
Distributions (c) From net investment income .................................................. (1.14) (d) (2.25) (2.27) (2.12) (1.59) (1.39) From net realized gain ........................................................ — — — — (0.01) (0.62) Total distributions ................................................................ (1.14) (2.25) (2.27) (2.12) (1.60) (2.01)
Net asset value, end of period .................................................. $ 44.20 $ 46.15 $ 45.27 $ 44.40 $ 43.60 $ 49.85
Total Return (e) Based on net asset value ........................................................ (1.72)% (f) 7.09% 7.25% 6.87% (9.35)% (3.57)%
Ratios to Average Net Assets (g) Total expenses .................................................................. 0.18% (h) 0.18% 0.18% 0.18% 0.18% 0.18% Net investment income .......................................................... 5.03% (h) 5.01% 5.10% 5.06% 3.80% 2.57%
Supplemental Data Net assets, end of period (000) ................................................... $1,494,079 $1,483,761 $1,072,791 $557,165 $235,460 $162,009 Portfolio turnover rate (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34% 63% 69% 76% 87% 59%
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the t iming of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (e) Where applicable, assumes the reinvestment of distributions. (f) Not annualized. (g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Annualized. (i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights (continued) (For a share outstanding throughout each period)
19 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
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1. ORGANIZATION
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF
Diversification Classification High Yield Systematic Bond ............................................................................................................................... Diversified Investment Grade Systematic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversif ied
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), wh ich may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of c ontingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the repor ting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting gui dance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain dis tributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortiz ation and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sale s of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized c urrency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such compone nts are generally treated as ordinary income for U.S. federal income tax purposes.
Cash: The Funds may maintain cash at their custodian, which at times may exceed United States federally insured limits. The Funds may, at times, have outstan ding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the St atements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified fr om accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV” ) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from ne t investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot b e automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. Th e Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicte d with any certainty.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investmen t strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presen ted within each Fund’s financial statements.
Notes to Financial Statements (unaudited)
N OTES TO F INANCIAL S TATEMENTS 20 BNM1026U-6054792-19277011
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3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would rece ive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “B oard”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund de termines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not r eadily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflec ting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial inst ruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Pricing services generally value fixed incom e securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could di ffer from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, in cluding transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and ot her relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models tha t consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yiel d based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less rema ining to maturity unless BFA determines such method does not represent fair value.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such invest ment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such invest ment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value ( “Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach . Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in dete rmining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect t o receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all availab le factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, whi ch in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hiera rchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Leve l 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Leve l 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’ s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hie rarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 ha ve significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by priv ately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial inst ruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securit ies.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securit ies traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current m arket value of the
Notes to Financial Statements (unaudited) (continued)
21 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
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securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required col lateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market fun ds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, ex cept in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party o r request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the sec urities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulti ng party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can rei nvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the d efaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty
Securities Loaned at Value
Cash Collateral Received (a)
Non-Cash Collateral Received, at Fair Value (a) Net Amount High Yield Systematic Bond Barclays Bank PLC ................................................................ $ 33,834,725 $ (33,834,725) $ — $ — Barclays Capital Inc. ............................................................... 164,628 (164,628) — — BNP Paribas SA ................................................................... 24,940,582 (24,940,582) — — BofA Securities, Inc. ............................................................... 13,845,015 (13,845,015) — — Citadel Clearing LLC ............................................................... 942,773 (942,773) — — Citigroup Global Markets, Inc. ...................................................... 1 1,262,499 (11,262,499) — — Goldman Sachs & Co. LLC ......................................................... 21,409,838 (21,409,838) — — J.P. Morgan Securities LLC ......................................................... 16,731,047 (16,731,047) — — Jefferies LLC ...................................................................... 892,968 (892,968) — — Mitsubishi UFJ Securities Holdings Co., Ltd. ........................................ 5,222,634 (5,222,634) — — Morgan Stanley .................................................................... 6,381,337 (6,381,337) — — National Bank of Canada ........................................................... 4,635,216 (4,635,216) — — Pershing LLC ...................................................................... 3,693,862 (3,693,862) — — RBC Capital Markets LLC .......................................................... 25,736,315 (25,736,315) — — Scotia Capital (USA), Inc. .......................................................... 6,317,411 (6,317,411) — — Scotia Capital, Inc. ................................................................. 356,243 (356,243) — — State Street Bank & Trust Co. ...................................................... 4,826,573 (4,826,573) — — TD Securities (USA) LLC ........................................................... 417,963 (417,963) — — Wells Fargo Bank N.A. ............................................................. 14,630,443 (14,630,443) — — Wells Fargo Securities LLC ........................................................ 6,803,966 (6,803,966) — — $ 203,046,038 $ (203,046,038) $ — $ —
Investment Grade Systematic Bond Barclays Bank PLC ................................................................ $ 41,586,024 $ (41,586,024) $ — $ — BNP Paribas SA ................................................................... 14,413,965 (13,494,053) — 919,912 (b) BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,1 16,513 (1,116,513) — — Citigroup Global Markets, Inc. ...................................................... 6,656,559 (6,656,559) — — J.P. Morgan Securities LLC ......................................................... 5,104,253 (5,104,253) — — Mitsubishi UFJ Securities Holdings Co., Ltd. ........................................ 2,877,742 (2,877,742) — — Morgan Stanley .................................................................... 5,377,657 (5,377,657) — — National Bank Financial Inc. ........................................................ 1,811,296 (1,811,296) — — Pershing LLC ...................................................................... 5,220,787 (5,220,787) — — RBC Capital Markets LLC .......................................................... 9,598,928 (9,598,928) — — Scotia Capital (USA), Inc. .......................................................... 1,463,616 (1,463,616) — — Wells Fargo Bank N.A. ............................................................. 949,251 (949,251) — — Wells Fargo Securities LLC ........................................................ 6,299,601 (6,299,601) — — $ 102,476,192 $ (101,556,280) $ — $ 919,912
Notes to Financial Statements (unaudited) (continued)
N OTES TO F INANCIAL S TATEMENTS 22 BNM1026U-6054792-19277011
Page 23
(a) Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by ea ch Fund is disclosed in the Fund’s Statements of Assets and Liabilities. (b) The market value of the loaned securities is determined as of August 31, 2026. Additional collateral is delivered to the Fund subsequent to period end i n accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securitie s when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows fo r full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fun d could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purch ased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distrib ution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid month ly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF Investment Advisory Fees High Yield Systematic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% Investment Grade Systematic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.18
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsib le for any fees or expenses for distribution services provided to the Funds.
ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee fromAuthor ized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.
Index Provider: BlackRock Index Services, LLC, an affiliate of BFA, created, sponsors and publishes the underlying index used by each Fund. Each Fund uses its underlying index at no charge pursuant to a license agreement between BlackRock Index Services, LLC (or one or more of its affiliates) and the Trust, on behalf of the Funds.
Securities Lending: The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC b ears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash co llateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional o r BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to eff ffectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, d istribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquid ity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fe e if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the sha res redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money m arket fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a m andatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and support ed by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investm ent fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fee s) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees genera ted across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remaind er of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of se curities lending income plus the collateral investment fees.
Notes to Financial Statements (unaudited) (continued)
23 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
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The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF Amounts High Yield Systematic Bond ............................................................................................................................... . . . . $ 170,387 Investment Grade Systematic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48, 160
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that inves t in securities in the fund’s underlying index.
6. PURCHASES AND SALES
For the six months ended August 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as foll ows:
Other Securities iShares ETF Purchases Sales High Yield Systematic Bond ............................................................................................................ $ 835,059,501 $ 813,282,069 Investment Grade Systematic Bond .................................................................................................... 479,741,443 491,054,090
For the six months ended August 31, 2026, in-kind transactions were as follows:
iShares ETF
In-kind Purchases
In-kind Sales High Yield Systematic Bond ............................................................................................................ $ 154,901,987 $ 203,597,392 Investment Grade Systematic Bond .................................................................................................... 275,845,989 203,655,363
7. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requi rements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income t o its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2026, inclusive of the open tax return years, and do es not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is b ased on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possi bly with retroactive effect, which may impact the Funds’ NAV.
As of February 28, 2026, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF
Non-Expiring Capital Loss Carryforwards (a) High Yield Systematic Bond ............................................................................................................................. $ ( 40,909,008) Investment Grade Systematic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,347,36 3)
(a) Amounts available to offset future realized capital gains.
As of August 31, 2026, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if an y) for U.S. federal income tax purposes were as follows:
iShares ETF Tax Cost
Gross Unrealized Appreciation
Gross Unrealized Depreciation
Net Unrealized Appreciation (Depreciation) High Yield Systematic Bond ........................................................... $ 1,808,653,029 $ 16,958,936 $ (14,591,989) $ 2,366,947 Investment Grade Systematic Bond ................................................... 1,613,063,509 1,234,296 (33,691,537) (32,457,241)
Notes to Financial Statements (unaudited) (continued)
N OTES TO F INANCIAL S TATEMENTS 24 BNM1026U-6054792-19277011
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8. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities su bject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of se curities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or pric e fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a signifi cant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and BFA generally does not attemp t to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled duri ng periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestme nt risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at m arket interest rates that are below each Fund portfolio’s current earnings rate.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds man age counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitor ing the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principall y of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financi al assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule o f Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exc hanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of c ertain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may cons train future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legisl ative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with cert ain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal un rest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (co mmonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment o bligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic cond itions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes i n market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-i ncome securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period o f historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact t he Funds’ performance.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the f und’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions t o shareholders.
9. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV . Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Notes to Financial Statements (unaudited) (continued)
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Transactions in capital shares were as follows:
Six Months Ended 08/31/26
Year Ended 02/28/26 iShares ETF Shares Amount Shares Amount High Yield Systematic Bond Shares sold ........................................................................................ 3,400,000 $ 159,073,488 11,150,000 $ 526,353,728 Shares redeemed .................................................................................. (4,500,000) (209,533,667) (7,900,000) (369,041,438) (1,100,000) $ (50,460,179) 3,250,000 $ 157,312,290 Investment Grade Systematic Bond Shares sold ........................................................................................ 6,250,000 $ 279,935,732 9,900,000 $ 448,684,462 Shares redeemed .................................................................................. (4,600,000) (206,011,850) (1,450,000) (65,266,736) 1,650,000 $ 73,923,882 8,450,000 $ 383,417,726
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of secur ities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purch asing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs as sociated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may al so pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions , and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settleme nt process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applic able Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Dep osit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Dep osit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities relate d to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
10. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined tha t there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Notes to Financial Statements (unaudited) (continued)
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com . Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• Go to icsdelivery.com . • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided f or therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
Adescription of the Trust’s policies and procedures with respect to the disclosure of each Fund’s portfolio securities is available in the Fund Prosp ectus. Each Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com .
Additional Information
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iShares High Yield Systematic Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Board M embers who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-l ong process whereby the Board and its committees (composed solely of Independent Board Members) assess the services of BFA and its affiliates to the Fund, includi ng investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreemen t. At meetings held on May 11, 2026 and May 21, 2026, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, m et with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. P rior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agr eement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on Ju ne 10-11, 2026, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other inform ation provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to t heir review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, i ncluding: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fu nd and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparab le funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.
The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed differ ent weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Ind ependent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund (s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, object ively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Boa rd was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the l imitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct c omparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund w ere lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding i Shares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadrid ge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as ap plicable, and for the quarter ended December 31, 2025, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its speci fied underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlyi ng index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted th at the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board conc luded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Adv isory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology, por tfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminu tion in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have co mmitted significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into t he ETF business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in co nnection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant offic ers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background an d experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management pr ocesses and strategies provided at the May 11, 2026 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other complian ce programs and services, as well as BlackRock’s continued investments in its ETF business and ETF platform.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of serv ices provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
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Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue an d expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated prof itability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology (including refinements to the methodology from prior years) and pr ofitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the ty pes of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challeng ing. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fun d. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advi sory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by managemen t. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficul t to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, in cluding, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the ETF business by BFA and its affili ates, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders to further improve product qu ality, enhance and strengthen the ETF ecosystem and the ETF platform and to pursue continual advancement of the overall investor experience. With respect to applicable funds, the 15(c) Committee and the Board reviewed information with respect to management fees having been set at levels that anticipate scale over time. In addition, t he 15(c) Committee and the Board reviewed information with respect to certain benefits to iShares funds’ shareholders as a result of BlackRock’s overall size and global platform. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund incre ase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/m anagement 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 received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services a nd generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that th e pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends o n the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those t hat are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information prov ided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same in dex as the Fund.
The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched a n iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for ce rtain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, fo r loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), a nd payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services. The Board further considered other direct benefits that might accrue to BFA, including act ual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investment s, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Solutions Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or i ts affiliates, including the iShares funds. The Board further noted that certain index providers pay a fee or reimburse a portion of the costs of BFA and/or its affilia tes of certain co-marketing activities that promote products and strategic initiatives that incorporate the index providers’ logos and branding. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for
Board Review and Approval of Investment Advisory Contract (continued)
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the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, inclu ding without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the i Shares funds.
The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with resp ect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so d isproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and conclude d to approve the continuance of the Advisory Agreement for the coming year.
iShares Investment Grade Systematic Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Board M embers who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-l ong process whereby the Board and its committees (composed solely of Independent Board Members) assess the services of BFA and its affiliates to the Fund, includi ng investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreemen t. At meetings held on May 11, 2026 and May 21, 2026, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, m et with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. P rior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agr eement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on Ju ne 10-11, 2026, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other inform ation provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to t heir review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, i ncluding: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fu nd and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparab le funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.
The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed differ ent weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Ind ependent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund (s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, object ively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Boa rd was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the l imitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct c omparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund w ere within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excludin g iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadrid ge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as ap plicable, and for the quarter ended December 31, 2025, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its speci fied underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlyi ng index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted th at the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board conc luded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Adv isory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology, por tfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminu tion in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have co mmitted significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into t he ETF business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in co nnection with
Board Review and Approval of Investment Advisory Contract (continued)
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regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant offic ers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background an d experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management pr ocesses and strategies provided at the May 11, 2026 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other complian ce programs and services, as well as BlackRock’s continued investments in its ETF business and ETF platform.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of serv ices provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue an d expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated prof itability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology (including refinements to the methodology from prior years) and pr ofitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the ty pes of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challeng ing. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fun d. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advi sory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by managemen t. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficul t to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, in cluding, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the ETF business by BFA and its affili ates, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders to further improve product qu ality, enhance and strengthen the ETF ecosystem and the ETF platform and to pursue continual advancement of the overall investor experience. With respect to applicable funds, the 15(c) Committee and the Board reviewed information with respect to management fees having been set at levels that anticipate scale over time. In addition, t he 15(c) Committee and the Board reviewed information with respect to certain benefits to iShares funds’ shareholders as a result of BlackRock’s overall size and global platform. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund incre ase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/m anagement 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 received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services a nd generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that th e pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends o n the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those t hat are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information prov ided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same in dex as the Fund.
The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched a n iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for ce rtain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, fo r loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), a nd payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services. The Board further considered other direct benefits that might accrue to BFA, including act ual and potential
Board Review and Approval of Investment Advisory Contract (continued)
31 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
Page 32
reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investment s, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Solutions Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or i ts affiliates, including the iShares funds. The Board further noted that certain index providers pay a fee or reimburse a portion of the costs of BFA and/or its affilia tes of certain co-marketing activities that promote products and strategic initiatives that incorporate the index providers’ logos and branding. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, inclu ding without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the i Shares funds.
The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with resp ect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so d isproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and conclude d to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract (continued)
B OARD R EVIEW AND A PPROVAL OF I NVESTMENT A DVISORY C ONTRACT 32 BNM1026U-6054792-19277011
Page 33
Portfolio Abbreviation
CME Chicago Mercantile Exchange CMT Constant Maturity Treasury SOFR Secured Overnight Financing Rate
Glossary of Terms Used in these Financial Statements
33 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277011
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by BlackRock Index Services, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is affiliated with the company listed above.
©2026 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
BNM1026U-6054792-19277011
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},
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{
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},
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},
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},
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},
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