Liquidation: iSHARES TRUST

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042296

Filing Summary: The iShares iBonds Dec 2030 Term Muni Bond ETF (Ticker: IBMS) has filed this Summary Prospectus as part of its operations. The Fund aims to track the performance of an index of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2030. The document details the investment objective and strategies, highlighting that the Fund's operating expenses will be managed, and the associated fees are laid out. The report includes a projection that the Fund is scheduled to cease operations and liquidate by December 2, 2030. The Board of Trustees of iShares Trust has approved the Fund's termination, which involves the distribution of assets to current shareholders after settling liabilities. Key risks associated with investments in the Fund, such as municipal securities risk, interest rate risk, and various economic factors that could adversely affect returns, are also addressed. Investors are informed that all payments related to bond maturity will be reinvested in cash or cash equivalence until liquidation. The Board retains the right to extend the termination date if deemed in the Fund's best interest.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042300

Filing Summary: The iShares iBonds 2025 Term High Yield and Income ETF (the 'Fund') is scheduled to cease operations and liquidate by December 15, 2025. The Fund aims to track the investment results of an index made up of U.S. dollar-denominated, high yield corporate bonds maturing in 2025. The investment advisory agreement states that BlackRock Fund Advisors will cover the operating expenses, excluding management fees and certain other charges. The Fund has agreed to waive management fees equivalent to Acquired Fund Fees and Expenses until the Fund's termination date. The document outlines various risks associated with high yield securities, credit risk, income risk, and others. It provides details on the Fund's investment strategy, which includes a commitment to invest at least 80% of its assets in the components of the Underlying Index. The Fund will distribute its remaining net assets to shareholders according to a liquidation plan upon termination. The Board of Trustees approved the Fund's termination, which may be extended under certain conditions.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042301

Filing Summary: The iShares iBonds 2026 Term High Yield and Income ETF, trading under the ticker IBHF on the Cboe BZX, seeks to track the investment results of an index comprised of U.S. dollar-denominated, high yield corporate bonds maturing in 2026. As part of its investment strategy, the Fund plans to liquidate by December 15, 2026, when it will distribute its remaining net assets to shareholders. The document outlines that the Fund does not seek to guarantee a predetermined return at maturity, and it details the fund's ongoing expenses and the management's approach to achieve its investment objective. There are specific terms regarding fees, potential yield fluctuations, and a range of risks associated with high yield securities, market conditions, and operational activities. This prospectus includes comprehensive risks such as credit, income, interest rate, and market trading risks, as well as the effects of high yield bond volatility and potential financial implications for investors.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042302

Filing Summary: The iShares iBonds 2027 Term High Yield and Income ETF (the 'Fund') is set to terminate on or about December 15, 2027, at which point it will liquidate and distribute its remaining net assets to shareholders according to a liquidation plan. The Fund aims to track the results of an index comprising high yield and other income-generating corporate bonds maturing in 2027. The prospectus includes the investment objectives, fees, expenses, and risks associated with the Fund. It highlights that the Fund will not seek a predetermined return at maturity and emphasizes the intention to liquidate by the set date. Investors are informed of the risks of investing in high yield securities and the Fund's operational characteristics related to income generation and market performance.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042303

Filing Summary: The iShares iBonds 2028 Term High Yield and Income ETF (the "Fund") seeks to track the investment results of a high yield and income-based index comprising U.S. dollar-denominated corporate bonds maturing in 2028. The Fund is structured as a term fund, meaning it is designed to terminate on or about December 15, 2028, when its remaining net assets will be distributed to shareholders as part of a liquidation plan. The Fund aims to maintain low operating expenses by having BlackRock Fund Advisors ("BFA") manage them, excluding management fees, taxes, and extraordinary expenses. It may incur "Acquired Fund Fees and Expenses" from investments in other funds. As of October 31, 2024, the index includes approximately 327 component securities largely related to consumer goods. The Fund does not guarantee any specific return and will primarily achieve its objective by investing in component securities while employing a representative sampling indexing strategy. Risk factors include interest rate risk, credit risk, and market volatility, affecting income and asset values. The termination of the Fund was approved by the Trust’s Board of Trustees, and extensions to this termination may occur if deemed beneficial to the Fund.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042304

Filing Summary: The iShares iBonds 2029 Term High Yield and Income ETF, as outlined in this Summary Prospectus, is designed to invest in high yield corporate bonds maturing in 2029. The ETF, which is structured as a term fund, is set to terminate on or around December 15, 2029, at which point it will distribute its remaining assets to shareholders in alignment with a liquidation plan. The investment objective is to match the index composed of U.S. dollar-denominated, high yield, and income-generating corporate bonds procured from a variety of sectors, primarily consumer goods and services, and industrial companies. The document details fees, expenses, principal strategies, investment risks, and the operational framework of the fund, emphasizing that the fund does not seek to return any specific amount but will depend on market conditions for its income and performance. The underlying index's components will be adjusted as market conditions change, particularly leading up to maturity. There is a focus on risks associated with high yield securities, credit ratings, and market volatility, which could all adversely impact the fund's performance leading up to and during the liquidation phase.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042305

Filing Summary: The iShares iBonds 2030 Term High Yield and Income ETF (the 'Fund') aims to track the results of a Bloomberg index comprised of high yield corporate bonds maturing in 2030. This Summary Prospectus details the Fund's investment objective, fees, expenses, principal strategies, and associated risks. Notably, the Fund will terminate on or about December 15, 2030, and distribute remaining net assets to shareholders under a liquidation plan. The document incorporates the Fund's prospectus, which outlines that BFA covers certain operating costs, although specific fees and expenses such as management fees, taxes, and brokerage commissions are excluded from this coverage. Additionally, given it is a term fund, its existence and performance will ultimately conclude with its scheduled liquidation. Key risks include volatility in market price, credit risk tied to issuer performance, and implications associated with high yield securities. The document emphasizes that while potential returns may align with investing directly in bonds of similar maturity and credit quality, returns from the Fund may vary significantly due to management strategies.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042308

Filing Summary: The document outlines the Summary Prospectus for the iShares iBonds Dec 2054 Term Treasury ETF (Ticker: IBGK). The Fund aims to track the results of an index composed of U.S. Treasury bonds maturing in 2054. The prospectus provides details on fees and expenses incurred by investors, stating that the investment advisory agreement requires BlackRock Fund Advisors to pay most operating expenses, while management fees and other specified costs are excluded. The total annual Fund operating expenses are detailed, along with an example that illustrates potential costs for different investment durations up to the Fund's planned termination and liquidation scheduled for December 15, 2054. Additionally, risks associated with investments in U.S. Treasury Obligations, interest rate fluctuations, market volatility, and tracking error are elaborated. The Fund will predominantly invest in indices that are market value-weighted and managed under an indexing strategy. The document emphasizes that the Fund will distribute remaining net assets to shareholders upon termination. No approval from the Securities and Exchange Commission has been granted regarding these securities, and representation to the contrary is deemed a criminal offense.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042312

Filing Summary: The iShares iBonds Dec 2033 Term Corporate ETF is set to undertake a planned liquidation procedure by approximately December 15, 2033. This ETF aims to track investment results of a specific index of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2033. The annual management fees for the ETF are specified at 0.10%, with the ongoing operational expenses also being kept minimal. During its last operational period, the ETF will transition towards holding cash and cash equivalents as the underlying bonds mature, ultimately distributing remaining net assets to shareholders as part of its liquidation process. The investment strategy is closely aligned with a defined index, and risk factors pertaining to credit, interest rates, market conditions, and the concentration of assets are outlined. This document emphasizes the absence of traditional investment assurances, indicating the typical risks associated with bond fund investments, including potential value declines and variances in returns over time.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042314

Filing Summary: The document provides the summary prospectus for the iShares iBonds Dec 2034 Term Corporate ETF (IBDZ), aimed at informing potential investors about the fund's objectives, fees, and risks. The fund seeks to track an index of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2034. Notably, the fund is a term fund scheduled to liquidate on or around December 15, 2034, distributing remaining net assets to shareholders as per a plan of liquidation approved by the fund's Board of Trustees. The prospectus details management fees, operational expenses, and investment strategies, emphasizing an indexing approach for investment management. Key risks associated with the fund include credit risk, interest rate risk, market risk, and non-diversification risk, among others. It also outlines the reliance on a representative sampling strategy, with an initial focus on component securities from the Bloomberg December 2034 Maturity Corporate Index, while not committing to holding all index securities.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042316

Filing Summary: The iShares iBonds Dec 2032 Term Corporate ETF (IBDX) is set to terminate and liquidate on or about December 15, 2032, as approved by the Trust's Board of Trustees. The Fund aims to track the investment results of an index of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2032. This announcement is part of the summary prospectus for the Fund, which includes details on fees, operating expenses, and risks associated with the investment. A notable aspect includes the investment advisory agreement with BlackRock Fund Advisors, which outlines the management fees and other operational expenses that will be incurred. The prospectus emphasizes the Fund's potential risks including credit risk, interest rate risk, and liquidity risk, which are pertinent to investors considering this fund. Investors are informed of their rights and the process for obtaining further details about the Fund's operations and performance. The document warns potential investors of market risks linked to the economic climate and specific restrictions associated with investing in non-U.S. corporate issuers and particularly in China, where political factors may influence economic conditions. The Fund will distribute its remaining assets to shareholders as part of its termination process, and outlines other relevant regulatory considerations.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042317

Filing Summary: The iShares iBonds Dec 2026 Term Corporate ETF is a newly introduced fund which aims to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2026. This Summary Prospectus outlines key elements including the fund's investment objective, fees and expenses, operating structure, and principal risks associated with the investment. The fund is set to terminate on or about December 15, 2026, with a plan for liquidation of remaining net assets to shareholders. An investment advisory agreement with BlackRock Fund Advisors ensures that certain operating expenses will be covered. The fund's performance is interconnected with its underlying index, and various risks such as credit risk, interest rate risk, and market risk have been highlighted. Investors are directed to review the prospectus for more information on risks, distributions, and fees, with an emphasis on the fund's unique structure allowing for asset concentration and index tracking without typical active management strategies. The fund does not have a predetermined return at maturity and aims to provide aggregate returns comparable to direct investment in a similar group of bonds.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042319

Filing Summary: This document is a summary prospectus for the iShares iBonds Dec 2028 Term Corporate ETF, which aims to track the results of an index of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2028. The fund will terminate and liquidate by December 15, 2028. The document includes information about investment objectives, fees and expenses, operating agreements, principal investment strategies, risk factors associated with investment, and a summary of the principal risks that investors may face, including credit risk, interest rate risk, market risk, and operational risk. The fund is not designed to provide protection against inflation and does not seek to return any specific amount at maturity. It incorporates operational considerations, such as management methodologies, fund expenses, and rules regarding the purchase and sale of shares. Additionally, a notable aspect of the fund is the concentration of investments in certain industries, particularly consumer goods and services and financials, while also discussing other systemic risks associated with investing in the bond market.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042320

Filing Summary: This document serves as a Summary Prospectus for the iShares iBonds Dec 2029 Term Corporate ETF, which aims to track the investment results of an index made up of U.S. dollar-denominated, investment-grade corporate bonds that mature in 2029. The Fund is scheduled to terminate on or about December 15, 2029, at which point it will distribute its remaining net assets to shareholders according to a plan of liquidation. The document outlines the fees and expenses associated with investing in this ETF, including the advisory fee structure under an agreement with BlackRock Fund Advisors, and emphasizes that certain operational expenses will be borne by the adviser. It details the investment strategy, risks associated with bond investments, and mechanisms for portfolio management and turnover. Notably, the document indicates that in its last six months, the Fund is expected to consist mostly of cash and cash equivalents, signifying the approach towards its liquidation process. It includes principal risks such as credit risk, interest rate risk, market risk, and operational risk, and explains that the Board of Trustees has approved the Fund's termination without needing further shareholder approval.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042322

Filing Summary: The iShares iBonds Dec 2031 Term Corporate ETF is designed to track the investment results of an index made up of investment-grade corporate bonds maturing in 2031. The Fund is set to terminate and liquidate on or about December 15, 2031, and will distribute its remaining net assets to shareholders. Operating expenses are covered under a contract with BlackRock Fund Advisors, with a fee waiver agreement in place concerning any acquired fund fees incurred from investments in other funds. The Fund plans to primarily invest in the Bloomberg December 2031 Maturity Corporate Index and at least 80% of its assets will be in its underlying securities. Before closure, it will convert assets into cash and equivalents, culminating in a final distribution of net assets to shareholders. This new summary describes the ongoing expenses, risks involved, including credit and interest rate risks, and explicitly states that the Fund does not aim to return a fixed amount at maturity. Moreover, it touches upon various investment strategies and indexed approaches that the Fund will adopt during its operational period.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042328

Filing Summary: iShares iBonds Dec 2029 Term Treasury ETF, ticker IBTJ, is a fund seeking to track the investment results of an index consisting of U.S. Treasury bonds maturing in 2029. The fund is set to terminate on or about December 15, 2029, at which point it will distribute its remaining net assets to shareholders according to a liquidation plan. BFA, the fund's advisor, has agreed to waive certain management fees until the termination. The fund is subject to risks including interest rate risk, market risk, and tracking error risk. The prospectus includes details on fees, operating expenses, and management, emphasizing the importance of reviewing the fund's performance and risks before investing.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042336

Filing Summary: The iShares iBonds Oct 2026 Term TIPS ETF, designated as IBIC and trading on NYSE Arca, is set to terminate on or about October 15, 2026, at which point it will distribute its remaining net assets to shareholders in accordance with a liquidation plan. The Fund aims to track the investment results of the ICE 2026 Maturity US Inflation-Linked Treasury Index, which includes inflation-protected U.S. Treasury bonds maturing in 2026. The iShares Trust, in an investment advisory agreement with BlackRock Fund Advisors, states that all operating expenses will be covered, except management fees, interest expenses, taxes, brokerage commissions, and distribution fees. Consequently, anticipated total annual fund operating expenses stand at 0.10%. The Fund does not guarantee the return of a predetermined amount, nor does it attempt to outperform the index it tracks, focusing instead on keeping operating expenses low by minimizing portfolio turnover. Investors in the Fund face multiple risks such as interest rate risk and market risk, with leading risks including the potential underperformance of U.S. Treasury Obligations and inflation-indexed bonds. The latest performance review discloses fund returns of 5.25% before taxes over the last year and a planned liquidation ahead.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042338

Filing Summary: The document is a summary prospectus for the iShares iBonds Oct 2028 Term TIPS ETF, which is designed to track an index of inflation-protected U.S. Treasury bonds maturing in 2028. This Fund is characterized as a term fund that is scheduled to terminate around October 15, 2028, at which point it will distribute remaining net assets to shareholders in accordance with a plan of liquidation. The prospectus outlines investment objectives, associated fees and expenses, principal investment strategies, and the expected timeline for the Fund's operations. The Fund's advisers have agreed to waive management fees to offset expenses related to other investment funds. The summary also indicates various risks including market, interest rate, and inflation-indexed bond risks, and highlights the strategies for managing the Fund's performance in relation to its underlying index. The document emphasizes the importance of understanding the risks involved in investing in the Fund and provides instructions for obtaining further information about the Fund.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042339

Filing Summary: The iShares iBonds Oct 2027 Term TIPS ETF, a term fund managed by iShares Trust, seeks to track inflation-protected U.S. Treasury bonds maturing in 2027. The fund is set to cease operations and liquidate by October 15, 2027, at which time remaining net assets will be distributed to shareholders. The fund will incur operating expenses, but BlackRock Fund Advisors, the investment adviser, has agreed to waive some management fees linked to Acquired Fund Fees and Expenses until termination. Investment risks include U.S. Treasury obligations risk, inflation-indexed bonds risk, interest rate risk, market risk, and tracking error risk, among others. The fund's performance reflects the necessity to manage costs and stabilize tracking to its underlying index.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042340

Filing Summary: On February 28, 2025, iShares Trust announced the summary prospectus for the iShares iBonds Oct 2029 Term TIPS ETF, which is a fund designed to track inflation-protected U.S. Treasury bonds maturing in 2029. The fund will terminate on or about October 15, 2029, at which point it is set to distribute its remaining net assets to shareholders pursuant to a liquidation plan. The investment objectives and strategies are aimed at tracking an index of U.S. Treasury inflation-protected securities (TIPS). The prospectus includes detailed information on fees, expenses, risks, and investment strategies. The fund will invest primarily in the components of the ICE 2029 Maturity US Inflation-Linked Treasury Index and intends to manage expenses through contractual waivers. It is essential to review the prospectus for full risk disclosures, including U.S. Treasury market risks, interest rate risks, and the potential for tracking error. The fund's management is provided by BlackRock Fund Advisors, and the fund's return and performance metrics are included in the document, highlighting its planned cessation of operations in 2029.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042341

Filing Summary: The document pertains to the summary prospectus for the iShares iBonds Oct 2030 Term TIPS ETF (Ticker: IBIG) dated February 28, 2025. The Fund seeks to replicate the performance of the ICE 2030 Maturity US Inflation-Linked Treasury Index and is designed to provide investment results through inflation-protected U.S. Treasury bonds maturing between 2030 and October 15, 2030. The Fund will terminate on or about October 15, 2030, distributing its net assets to shareholders as part of its liquidation plan. Operating expenses for the Fund are minimal, with management fees at 0.10% and no distribution fees. The prospectus highlights various risks associated with investing in the Fund, including interest rate risk, market risk, and inflation-indexed bonds risk. The Fund does not guarantee returns and may face tracking error and asset class risks as it manages its portfolio towards eventual liquidation. The Fund aims to maintain at least 80% of its assets in securities from the Underlying Index.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042342

Filing Summary: The iShares iBonds Oct 2031 Term TIPS ETF seeks to track the investment results of an index comprising inflation-protected U.S. Treasury bonds maturing in 2031. The Fund is a term fund scheduled to terminate on or about October 15, 2031, at which time it will distribute its remaining net assets to shareholders as part of a liquidation plan. The investment advisory agreement indicates that BlackRock Fund Advisors will manage the fund and cover most operating expenses, except for specific costs like management fees, interest, and extraordinary expenses. Investors are advised on the risks associated with U.S. Treasury obligations, inflation-indexed bonds, interest rate changes, and market risks, all of which could significantly impact the Fund's net asset value and returns. The document emphasizes that the termination of the Fund has been approved by the Trust's Board of Trustees, and there is a provision for potential extension if deemed beneficial. It also outlines management and operational strategies aimed at minimizing risks and costs while maintaining alignment with the Underlying Index.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525042344

Filing Summary: The document is a summary prospectus for the iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). It outlines the fund's investment objective, which is to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2024, and before December 2, 2025. The fund has an operating expense ratio of 0.18%. The fund, managed by BlackRock Fund Advisors, aims to primarily invest in municipal bonds exempt from U.S. federal income taxes. Notably, the fund is scheduled to liquidate by December 2, 2025, distributing its net assets to shareholders after settling any liabilities, following the approval of the Trust's Board of Trustees. Detailed risks associated with investing in municipal securities, market risks, and management risks are also discussed.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042345

Filing Summary: The iShares iBonds Oct 2032 Term TIPS ETF is scheduled to terminate on or about October 15, 2032, at which point it will liquidate its remaining net assets to shareholders according to a liquidation plan approved by the Board of Trustees. This summary prospectus includes details on investment objectives, fees, management, risks associated with the fund, including U.S. Treasury obligations risk, inflation-indexed bonds risk, interest rate risk, and market risk among others. The fund is designed to track the investment results of inflation-protected U.S. Treasury bonds, and emphasizes low costs through an indexing approach. It outlines the potential risks of investing and emphasizes the importance of understanding these risks before investing.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042349

Filing Summary: The iShares iBonds Dec 2027 Term Muni Bond ETF is outlined in this summary prospectus. The Fund aims to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to be redeemed before December 2, 2027. It is important to note that the Fund is scheduled to cease operations and liquidate by the end of 2027. The Fund's operating expenses include management fees of 0.18%, with no distribution fees. Investors are advised to review the prospectus for detailed information about the Fund’s strategies, fees, risks, and expenses. The Fund primarily invests in municipal bonds with certain eligibility criteria, such as a minimum rating and par amount, and does not invest in U.S. government bonds or seek inflation protection. The Fund’s termination has been approved by the Trust’s Board, and it does not require shareholder approval. The Board may extend the termination date if deemed beneficial for the Fund.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525042350

Filing Summary: iShares Trust has filed an updated summary prospectus for the iShares iBonds Dec 2026 Term Muni Bond ETF (Ticker: IBMO). The Fund, set to cease operations and liquidate by December 2, 2026, aims to track the performance of a selection of investment-grade U.S. municipal bonds expected to mature or be redeemed before the stated date. The Advisory Agreement mandates that BlackRock Fund Advisors will cover all operating expenses of the fund, barring certain exclusions. The prospectus includes details regarding the Fund’s investment strategies, expenses, and risks associated with investing in municipal securities, including potential losses due to market fluctuations and changes in interest rates. Key investment objectives and operational timelines are clearly documented, indicating an operational wind-down process that was previously approved by the Trust's Board of Trustees. It emphasizes that the Fund will transition to cash equivalents as it approaches its termination date.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525042351

Filing Summary: This document serves as the Summary Prospectus for the iShares iBonds Dec 2028 Term Muni Bond ETF, indicating that the Fund seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds. The Fund is scheduled to cease operations and liquidate by December 2, 2028. Upon liquidation, net assets are anticipated to be distributed to shareholders after settling any outstanding liabilities. The management fee is set at 0.18%, and no distribution fees apply. The Fund's investment objective is explained along with principal strategies and risks associated with investment in municipal securities and general market conditions. Additionally, the document highlights potential risks, including interest rate risk, credit risk, and market risk which may adversely affect the Fund's performance and shareholder returns. Investors can find the prospectus and additional information on the iShares website or via direct contact with iShares.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042352

Filing Summary: The document is a Summary Prospectus for the iShares iBonds Dec 2025 Term Corporate ETF (Ticker: IBDQ), which is designed to track the investment results of an index comprising U.S. dollar-denominated, investment-grade corporate bonds maturing in 2025. The Fund is scheduled to terminate on or about December 15, 2025, distributing its remaining assets to shareholders as part of a planned liquidation. It outlines the Fund's investment objectives, fees and expenses, management, and various risks associated with the investment. The iShares Trust has mandated that BlackRock Fund Advisors will cover all operating costs of the Fund, except for specific exclusions such as management and interest fees. The document emphasizes potential risks like credit and interest rate risks, market volatility, and the impact of changes in economic conditions on investment performance. It also highlights the Fund's fee structure, including management fees of 0.10% and potential impacts of acquired fund fees. Moreover, it includes specific disclosure about transaction costs during portfolio turnover and the final guidance on portfolio management leading up to the Fund's termination.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042360

Filing Summary: iShares Trust has filed a 497K form for the iShares iBonds Dec 2026 Term Treasury ETF (Ticker: IBTG) detailing its summary prospectus dated February 28, 2025. The fund is set to terminate on or about December 15, 2026, at which time it will distribute its remaining net assets to shareholders as part of a liquidation plan approved by the Board of Trustees. The Fund aims to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026 and may invest in cash and cash equivalents, including shares of money market funds. The document outlines the fund's investment objectives, fees and expenses, risks associated with investing in the Fund, and specifics about the underlying index it aims to track. Importantly, the Fund does not guarantee a predetermined amount at maturity, nor does it provide periodic distributions, which presents potential income risk. The fund's operational structure is supported by BlackRock Fund Advisors as the investment adviser, with an emphasis on a low-cost indexing strategy intended to reduce portfolio turnover and improve after-tax performance. The document reinforces that investing in the Fund is subject to various risks including market, interest rate, and credit risks. Further, it invites potential investors to review the complete prospectus available on the iShares website or by contacting their customer service.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525042361

Filing Summary: iShares iBonds Dec 2033 Term Treasury ETF is a term fund that is scheduled to terminate on or about December 15, 2033. Upon termination, the Fund will distribute its remaining net assets to shareholders as part of a plan of liquidation, which has already been approved by the Board of Trustees. The Fund is designed to track the investment results of an index composed of U.S. Treasury securities maturing in 2033. Additionally, the document details the Fund's investment objectives, operational expenses, advisory agreements, and associated risks, including market, interest rate, and cybersecurity risks.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042362

Filing Summary: The document is a summary prospectus for the iShares iBonds Dec 2030 Term Treasury ETF (Ticker: IBTK) filed by iShares Trust on February 28, 2025. This Fund seeks to track the investment results of the ICE 2030 Maturity US Treasury Index and is scheduled to cease operations and liquidate by December 15, 2030. The prospectus outlines the investment objective, fees, and expenses associated with the Fund, emphasizing that BFA will cover most operating expenses with specific exceptions. The Fund's termination has been approved by the Trust's Board of Trustees. By December 15, 2030, it will distribute its remaining net assets to shareholders according to the liquidation plan. The prospectus includes extensive risk factors such as U.S. Treasury obligations risk, interest rate risk, market risk, and operational risk, highlighting potential impacts on the Fund's net asset value and shareholder returns. Performance data, past and projected returns, management details, and other operational insights are also provided.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042365

Filing Summary: This document is a Summary Prospectus for the iShares iBonds Oct 2025 Term TIPS ETF (Ticker: IBIB), which seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2025. The Fund is scheduled to cease operations and liquidate on or about October 15, 2025. It will distribute its remaining net assets to shareholders following a plan of liquidation approved by the Trust's Board of Trustees, which does not require additional approval from shareholders. The document outlines details regarding investment objectives, fees and expenses, risks associated with investing, and management information. Both management and fund expenses, including advisory fees, are discussed, ensuring transparency for investors.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042366

Filing Summary: The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) is outlined in this Summary Prospectus, which describes its investment objective, fees, risks, and operational strategies. The Fund aims to track the investment results of an index comprising U.S. Treasury bonds maturing in 2031, intending to cease operations and liquidate by December 15, 2031. It will distribute its remaining net assets to shareholders upon termination, as approved by the Trust's Board of Trustees. The investment advisory agreement dictates that BlackRock Fund Advisors will pay all operating expenses except specified exclusions such as management fees and taxes. The Fund's annual operating expenses total 0.07%, and performance metrics indicate varied historical returns. Key risks include interest rate risk, market risk, and tracking error risk, among others, affecting the Fund's performance and shareholder returns in the context of liquidating by the planned termination date.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042367

Filing Summary: The iShares iBonds Dec 2032 Term Treasury ETF (the "Fund") is characterized as a term fund that is scheduled to cease operations and liquidate by December 15, 2032. This summary prospectus outlines the Fund's investment objective of tracking the investment results of an index composed of U.S. Treasury bonds maturing in 2032. The investment advisory firm, BlackRock Fund Advisors (BFA), is responsible for managing the Fund and has agreed to waive certain management fees until the termination date. The prospectus also details the Fund's fees and expenses, portfolio strategies, and risks associated with investing in U.S. Treasury obligations. Key risks highlighted include interest rate risk, market risk, and operational risk. Upon termination, the Fund plans to distribute its remaining net assets to shareholder, following a plan of liquidation approved by the Trust's Board of Trustees. The Fund will primarily invest in relevant U.S. Treasury securities and may include short-term investments as needed. Investors are cautioned about the uncertainties related to market conditions and the potential for the Fund's performance to deviate from the underlying index due to various risks.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042368

Filing Summary: On February 28, 2025, the iShares iBonds Dec 2027 Term Treasury ETF (IBTH) filed a Summary Prospectus as part of its investment documentation. The Fund is designed to track the investment results of an index comprising U.S. Treasury bonds maturing in 2027. The ETF aims to provide investors with a relatively stable return primarily through investments in U.S. Treasury securities. A significant detail outlined in the document is that the Fund is set to terminate on or around December 15, 2027, and will distribute its remaining net assets to shareholders as part of a liquidation plan. The document outlines the fee structure, including management fees and the investment advisory agreement with BlackRock Fund Advisors, which stipulates that BFA will cover all operating expenses except certain specified costs. Additionally, the document discusses the fund's strategy, risks, operating expenses, and projected performance, highlighting the expected investment results based on a sample of U.S. Treasury securities and the implications for investment returns leading up to the Fund's planned termination. The document emphasizes the risks associated with investing in U.S. Treasury obligations, interest rate fluctuations, and market conditions that may impact the Fund's performance and net asset value.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042371

Filing Summary: The iShares iBonds Dec 2025 Term Treasury ETF (IBTF) aims to track the investment results of an index comprising U.S. Treasury bonds maturing in 2025. The ETF will terminate on or about December 15, 2025, at which point it will distribute its remaining net assets to shareholders according to a liquidation plan approved by the Trust's Board of Trustees. BlackRock Fund Advisors manages the Fund, which incurs low operating expenses of 0.07% annually. The Fund's investment strategies focus on U.S. Treasury securities and may incorporate cash equivalents, but will not attempt to beat the underlying index. Given its structure, the Fund may be less liquid towards its termination, and thus, investors face risks typical of fixed-income securities and potential tracking errors against the Underlying Index. As of the anticipated liquidation date, the Fund is expected to hold nearly all its assets in cash.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042377

Filing Summary: The document serves as a Summary Prospectus for the iShares iBonds Dec 2044 Term Treasury ETF (Ticker: IBGA). The Fund, managed by BlackRock Fund Advisors, aims to track the investment results of an index composed of U.S. Treasury bonds maturing in 2044. It outlines investment objectives, fees, expenses, portfolio management strategies, and details regarding the Fund's termination and planned liquidation by December 15, 2044. The document highlights the Fund's operating expenses, risks related to U.S. Treasury obligations, interest rate fluctuations, market volatility, and other operational risks. The Fund's structure as a term fund with a definitive end date, coupled with details about the expenses and management of the Fund, indicates a planned liquidation strategy implemented by the Board without requiring further approval from shareholders. The Fund must distribute its remaining net assets to shareholders following its wind-up and liquidation plan.

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Form Type: 497K

Filing Date: 2025-02-28

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525042378

Filing Summary: This document is a Summary Prospectus for the iShares iBonds Dec 2028 Term Treasury ETF. The Fund aims to track the investment results of the ICE 2028 Maturity US Treasury Index, composed of U.S. Treasury bonds maturing in 2028. It details the fees and expenses associated with the Fund, emphasizing that BFA, the Fund's investment adviser, covers all operating expenses, except for certain specified costs. The Fund is a term fund set to cease operations and liquidate by December 15, 2028. A plan of liquidation upon termination has been approved by the Trust's Board of Trustees. The Summary includes investment strategies, risks associated with U.S. Treasury obligations, interest rates, market volatility, and operational risks. Investors are cautioned about potential losses and the impact of various risks on the Fund's performance and NAV.

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Form Type: 497

Filing Date: 2024-12-31

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312524286938

Filing Summary: This document serves as a supplement dated December 31, 2024, to the effective Summary Prospectus, Prospectus, and Statement of Additional Information (SAI) for various iShares iBonds Term TIPS ETFs. The document outlines significant changes to the Funds, effective January 31, 2025. The section on 'Principal Investment Strategies' has been revised to reflect updated procedures for how the Underlying Index is managed, including specifics regarding rebalancing and investment strategies. Each Fund will invest at least 80% of its assets in securities of the Underlying Index and typically reinvest in investments already in the Index as bonds mature. The document details the planned wind-up and termination of the Funds, stating that by October 15 of the relevant year, each Fund is expected to consist almost entirely of cash. The Funds will wind up and distribute their net assets to shareholders following a plan of liquidation approved by the Board of Trustees. The document also specifies changes in risk disclosures related to declining yield and other investment strategies.

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Form Type: 497

Filing Date: 2024-12-31

Corporate Action: Liquidation

Type: New

Accession Number: 000119312524286941

Filing Summary: This document serves as a supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information (SAI) for various iShares iBonds Term Treasury ETFs. It details that effective January 31, 2025, changes to the Funds will include modifications in the 'Principal Investment Strategies' to enhance index tracking measures. Notably, the Funds are set to invest at least 80% of their assets in securities of the Underlying Index and at least 90% specifically in U.S. Treasury securities. A significant aspect is the scheduled liquidation of certain Funds as they will wind down operations and terminate, with their net assets being distributed to shareholders. The Board of Trustees has approved this termination without requiring further shareholder approval. Adjustments are made in the risk summaries and investment strategies presented in related documents, highlighting concerns over yield fluctuations as the Funds approach their termination dates. These ETFs are designed to track the investment results of their Underlying Indexes while maintaining lower costs through an indexing approach.

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Form Type: 497

Filing Date: 2024-12-19

Corporate Action: Liquidation

Type: New

Accession Number: 000119312524281940

Filing Summary: The Funds, which include the iShares iBonds 2024 Term High Yield and Income ETF, iShares iBonds Dec 2024 Term Corporate ETF, and iShares iBonds Dec 2024 Term Treasury ETF, have liquidated effective December 19, 2024. All references to these Funds in the Statement of Additional Information have been removed. Investors are advised to call 1-800-iShares for any questions regarding this matter.

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Form Type: 485APOS

Filing Date: 2024-12-13

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312524277535

Filing Summary: The document outlines a registration statement for the iShares iBonds Dec 2055 Term Treasury ETF, indicating that the Fund is set to terminate around December 15, 2055, and will liquidate its remaining net assets to shareholders. The investment strategy focuses on U.S. Treasury bonds maturing in 2055. It highlights the underlying index it tracks and details its investment objectives. The filing discusses the management of operational expenses, risk profiles, and potential impacts on returns for shareholders due to interest rate risk, market fluctuations, and other factors. There are specific disclosures regarding investment strategies, compliance processes, and governance structures. Modifications to certain investment policies and risk assessments to comply with regulatory requirements are also summarized. The fund's termination is already approved by the board, allowing for potential extension by trustee vote if necessary.

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