BlackRock announced today the planned termination of three 2023 iShares iBonds ETFs, which possess the following timelines for trading, net-asset value (NAV) calculation and expected liquidation:
| Ticker | Fund name | Exchange | Last day of trading | Final NAV calculation date | Liquidation date |
| IBDO | iShares iBonds Dec 2023 Term Corporate ETF | NYSE Arca | 12/15/2023 | 12/15/2023 | 12/22/2023 |
| IBHC | iShares iBonds 2023 Term High Yield and Income ETF | CBOE | 12/15/2023 | 12/15/2023 | 12/22/2023 |
| IBTD | iShares iBonds Dec 2023 Term Treasury ETF | NASDAQ | 12/15/2023 | 12/15/2023 | 12/22/2023 |
iBonds ETFs are designed to cease trading and mature during a specific maturity window like an individual bond. Leading up to the ETFs’ final distribution date, the bonds held by iBonds ETFs mature, and the ETFs transition into short-term instruments and cash. Shareholders will receive their proceeds from liquidations on or around the listed liquidation dates, based on their brokerage’s processes.
iBonds ETFs across treasuries, municipal bonds and both investment-grade and high-yield corporate credit remain available to investors. iShares iBonds ETFs can help market participants to build bond ladders and manage interest rate risk in rising rate environments.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock
About iShares
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1300+ exchange traded funds (ETFs) and $3.12 trillion in assets under management as of September 30, 2023, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or www.blackrock.com . Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.
The iShares® iBonds® ETFs (“Funds”) will terminate in October or December of the year in each Fund’s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. Unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, the Fund(s) will make distributions of income that vary over time. In the final months of each Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds.
Following the Fund’s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds’ distributions and liquidation proceeds are not predictable at the time of investment and the Funds do not seek to return any predetermined amount.
The rate of Fund distribution payments may adversely affect the tax characterization of an investor’s returns from an investment in the Fund relative to a direct investment in bonds. If the amount an investor receives as liquidation proceeds upon the Fund’s termination is higher or lower than the investor’s cost basis, the investor may experience a gain or loss for tax purposes.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.
©2023 BlackRock, Inc or its affiliates. All rights reserved. iSHARES , iBONDS and BLACKROCK are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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MEDIA:
Paige Hofman
Paige.hofman@blackrock.com
212-810-3368
Rachel Waxman
Rachel.waxman@blackrock.com
212-814-5807
