This section includes investor type descriptions for professional clients and market counterparties.
Professional client
A Professional Client is either: (i) a ‘deemed’ professional client; (ii) serviced-based professional client; or (iii) an assessed professional Client
(i) Deemed Professional Client
A person is a “deemed” professional client if the person is:
(ii) Service-based Professional Clients
A person is a ‘serviced-based’ professional client if
(iii) Assessed-based Professional Clients
Assessed-based professional clients can be either (i) individuals; or (ii) undertakings
Individuals
An individual (and associated joint account holders) would be classified as an ‘assessed-based professional client’ if:
Where there is a joint account in place, the secondary account holder must obtain confirmation in writing that investment decisions relating to the joint account are made for or on behalf of the secondary account holder
Undertakings
Undertakings, which are generally not individuals, would be classified as ‘assessed-based’ professional clients if it:
Market counterparties
A Market Counterparty is any person who is either:
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GHYS
Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Important Information: Important Information: The value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. ETFs trade on exchanges like stocks and are bought and sold at market prices which may be different to the net asset values of the ETFs. Two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments. The fund invests in fixed interest securities issued by companies. There is a risk of default where the issuing company may not pay income or repay capital to the Fund when due. The currency hedging is designed to reduce, but cannot eliminate the impact of currency movements between the Base Currency and the currencies in which some or all of the underlying investments are transacted. Depending on the exchange rates, this may have a positive or negative impact on the performance of the Fund. Please note the Bloomberg and/or Reuters reference tickers in the benchmark information section relates to the existing unhedged version of the index. The correct reference tickers are: Bloomberg Total Return Index Ticker: IBXXGH16 Reuters Net Total Return Index Ticker: .IBXXGH16Record Date | Ex-Date | Payable Date | Total Distribution |
---|---|---|---|
18-Oct-2024 | 17-Oct-2024 | 30-Oct-2024 | GBP 2.61 |
19-Apr-2024 | 18-Apr-2024 | 30-Apr-2024 | GBP 2.53 |
13-Oct-2023 | 12-Oct-2023 | 25-Oct-2023 | GBP 2.44 |
14-Apr-2023 | 13-Apr-2023 | 26-Apr-2023 | GBP 2.29 |
14-Oct-2022 | 13-Oct-2022 | 26-Oct-2022 | GBP 1.97 |
19-Apr-2022 | 14-Apr-2022 | 29-Apr-2022 | GBP 1.71 |
15-Oct-2021 | 14-Oct-2021 | 27-Oct-2021 | GBP 1.76 |
16-Apr-2021 | 15-Apr-2021 | 27-Apr-2021 | GBP 1.90 |
This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.
This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|---|---|---|---|---|
Total Return (%) | -4.2 | 12.8 | 5.0 | -3.4 | 11.1 | 2.6 | 3.8 | -10.1 | 11.5 | 7.4 |
Benchmark (%) | -3.8 | 13.6 | 5.5 | -2.8 | 11.6 | 3.1 | 4.2 | -9.5 | 12.0 | 7.7 |
From 31-Dec-2019 To 31-Dec-2020 |
From 31-Dec-2020 To 31-Dec-2021 |
From 31-Dec-2021 To 31-Dec-2022 |
From 31-Dec-2022 To 31-Dec-2023 |
From 31-Dec-2023 To 31-Dec-2024 |
|
---|---|---|---|---|---|
Total Return (%)
as of 31-Dec-2024 |
2.57 | 3.80 | -10.06 | 11.47 | 7.38 |
Benchmark (%)
as of 31-Dec-2024 |
3.13 | 4.20 | -9.51 | 12.00 | 7.74 |
1y | 3y | 5y | 10y | Incept. | |
---|---|---|---|---|---|
Total Return (%)
as of 31-Dec-2024 |
7.38 | 2.49 | 2.76 | 3.40 | 3.81 |
Benchmark (%)
as of 31-Dec-2024 |
7.74 | 2.98 | 3.25 | 3.90 | 4.27 |
YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
---|---|---|---|---|---|---|---|---|---|
Total Return (%)
as of 31-Dec-2024 |
7.38 | 0.14 | 1.11 | 5.03 | 7.38 | 7.65 | 14.61 | 39.70 | 53.77 |
Benchmark (%)
as of 31-Dec-2024 |
7.74 | 0.23 | 1.22 | 5.29 | 7.74 | 9.20 | 17.34 | 46.61 | 61.76 |
The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past
Share Class and Benchmark performance displayed in GBP, hedged share class benchmark performance is displayed in GBP.
Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF. Individual shareholders may realize returns that are different to the NAV performance.
The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock
Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.
The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.
Review the MSCI methodologies behind Sustainability Characteristics using the links below.
What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.
To address climate change, many of the world's major countries have signed the Paris Agreement. The temperature goal of the Paris Agreement is to limit global warming to well below 2°C above pre-industrial levels, and ideally 1.5 °C, which will help us avoid the most severe impacts of climate change.
What is the ITR metric?
The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. ITR employs open source 1.55° C decarbonization pathways derived from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). These pathways can be regional and sector specific and set a net zero target of 2050, in line with GFANZ (Glasgow Financial Alliance for Net Zero) industry standards. We make use of this feature for all GHG scopes. This enhanced ITR model was implemented by MSCI on February 19, 2024.
How is the ITR metric calculated?
The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band.
Note, only corporate issuers are covered within the calculation. A summary explanation of MSCI’s methodology and assumptions for its ITR metric can be found here.
Because the ITR metric is calculated in part by considering the potential for a company within the fund’s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. As a result, BlackRock publishes MSCI’s ITR metric for its funds in temperature range bands. The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric.
What are the key assumptions and limitations of the ITR metric?
This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. Also, there are limitations with the data inputs to the model. Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations).
There is not a universally accepted way to calculate an ITR. There is not a universally agreed upon set of inputs for the calculation. At present, availability of input data varies across asset classes and markets. To the extent that data becomes more readily available and more accurate over time, we expect that ITR metric methodologies will evolve and may result in different outputs. Funds may change bands as methodologies evolve. Where data is not available, and / or if data changes, the estimation methods vary, particularly those related to a company’s future emissions.
The ITR metric estimates a fund’s alignment with the Paris Agreement temperature goal based on a credibility assessment of stated decarbonization targets. However, there is no guarantee that these estimates will be reached. The ITR metric is not a real time estimate and may change over time, therefore it is prone to variance and may not always reflect a current estimate.
The ITR metric is not an indication or estimate of a fund’s performance or risk. Investors should not rely on this metric when making an investment decision and instead should refer to a fund’s prospectus and governing documents. This estimate and the associated information is not intended as a recommendation to invest in any fund, nor is it intended to indicate any correlation between a fund’s ITR metric and its future investment performance.
To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.
Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.
Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.
Review the MSCI methodology behind the Business Involvement metrics, using links below.
Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.
Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.
Ireland
Liechtenstein
Portugal
Saudi Arabia
Singapore
United Kingdom
Issuer | Weight (%) |
---|---|
TENET HEALTHCARE CORP | 2.15 |
ONEMAIN FINANCE CORP | 1.71 |
ECHOSTAR CORP | 1.46 |
VODAFONE GROUP PLC | 1.39 |
TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV | 1.38 |
Issuer | Weight (%) |
---|---|
UNITED RENTALS (NORTH AMERICA) INC | 1.08 |
TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV | 1.00 |
FORVIA SE | 1.00 |
TRANSDIGM INC | 0.95 |
MPT OPERATING PARTNERSHIP LP | 0.93 |
Issuer Ticker | Name | Sector | Asset Class | Market Value | Weight (%) | Notional Value | Nominal | Par Value | ISIN | Duration | Maturity | Coupon (%) | Market Currency | Effective Date |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SATS | ECHOSTAR CORP | Communications | Fixed Income | GBP 1,512,867.86 | 1.09 | 1,512,867.86 | 1,675,000.00 | 1,675,000.00 | US278768AC00 | 2.60 | 30-Nov-2029 | 10.75 | USD | 12-Nov-2024 |
TEVA | TEVA PHARMACEUTICAL FINANCE NETHER | Consumer Non-Cyclical | Fixed Income | GBP 718,727.46 | 0.52 | 718,727.46 | 900,000.00 | 900,000.00 | US88167AAE10 | 1.62 | 01-Oct-2026 | 3.15 | USD | 21-Jul-2016 |
THC | TENET HEALTHCARE CORP | Consumer Non-Cyclical | Fixed Income | GBP 647,210.58 | 0.47 | 647,210.58 | 775,000.00 | 775,000.00 | US88033GDK31 | 1.48 | 01-Oct-2028 | 6.13 | USD | 16-Sep-2020 |
CHTR | CCO HOLDINGS LLC | Communications | Fixed Income | GBP 642,712.70 | 0.46 | 642,712.70 | 895,000.00 | 895,000.00 | US1248EPCN14 | 5.69 | 01-May-2032 | 4.50 | USD | 10-May-2021 |
TDG | TRANSDIGM INC | Capital Goods | Fixed Income | GBP 633,778.31 | 0.46 | 633,778.31 | 775,000.00 | 775,000.00 | US893647BL01 | 1.76 | 15-Nov-2027 | 5.50 | USD | 12-Jun-2020 |
LORCAT | LORCA TELECOM BONDCO SAU RegS | Communications | Fixed Income | GBP 580,837.74 | 0.42 | 580,837.74 | 680,000.00 | 680,000.00 | XS2240463674 | 1.27 | 18-Sep-2027 | 4.00 | EUR | 30-Sep-2020 |
CVS | CVS HEALTH CORP NC5.25 | Consumer Non-Cyclical | Fixed Income | GBP 559,555.33 | 0.40 | 559,555.33 | 675,000.00 | 675,000.00 | US126650EH94 | 4.03 | 10-Mar-2055 | 7.00 | USD | 10-Dec-2024 |
WDC | WESTERN DIGITAL CORPORATION | Technology | Fixed Income | GBP 550,916.07 | 0.40 | 550,916.07 | 664,000.00 | 664,000.00 | US958102AM75 | 0.99 | 15-Feb-2026 | 4.75 | USD | 13-Feb-2018 |
SATS | ECHOSTAR CORP | Communications | Fixed Income | GBP 516,619.83 | 0.37 | 516,619.83 | 675,000.00 | 675,000.00 | US278768AA44 | 4.37 | 30-Nov-2030 | 6.75 | USD | 12-Nov-2024 |
VOD | VODAFONE GROUP PLC | Communications | Fixed Income | GBP 514,936.61 | 0.37 | 514,936.61 | 600,000.00 | 600,000.00 | US92857WBQ24 | 3.39 | 04-Apr-2079 | 7.00 | USD | 04-Apr-2019 |
% of Market Value
% of Market Value
% of Market Value
Type | Fund |
---|---|
BBB Rated | 1.52 |
BB Rated | 65.12 |
B Rated | 25.56 |
CCC Rated | 7.59 |
CC Rated | 1.12 |
C Rated | 0.72 |
Not Rated | 0.01 |
Cash and/or Derivatives | -1.64 |
Securities lending is an established and well regulated activity in the investment management industry. It involves the transfer of securities (such as shares or bonds) from a Lender (in this case, the iShares fund) to a third-party (the Borrower). The Borrower will give the Lender collateral (the Borrower’s pledge) in the form of shares, bonds or cash, and will also pay the Lender a fee. This fee provides additional income for the fund and thus can help to reduce the total cost of ownership of an ETF.
At BlackRock, securities lending is a core investment management function with dedicated trading, research and technology capabilities. The lending programme is designed to deliver superior absolute returns to clients, whilst maintaining a low risk profile. Funds participating in securities lending retain 62.5% of the income, while BlackRock receives 37.5% of the income and covers all the operational costs resulting from securities lending transactions.
From 30-Sep-2014 To 30-Sep-2015 |
From 30-Sep-2015 To 30-Sep-2016 |
From 30-Sep-2016 To 30-Sep-2017 |
From 30-Sep-2017 To 30-Sep-2018 |
From 30-Sep-2018 To 30-Sep-2019 |
From 30-Sep-2019 To 30-Sep-2020 |
From 30-Sep-2020 To 30-Sep-2021 |
From 30-Sep-2021 To 30-Sep-2022 |
From 30-Sep-2022 To 30-Sep-2023 |
From 30-Sep-2023 To 30-Sep-2024 |
|
---|---|---|---|---|---|---|---|---|---|---|
Securities Lending Return (%) | 0.01 | 0.01 | 0.02 | 0.04 | 0.05 | 0.05 | 0.04 | 0.08 | 0.10 | 0.12 |
Average on-loan (% of AUM) | 0.78 | 0.92 | 1.80 | 2.85 | 6.06 | 6.45 | 6.91 | 13.19 | 14.90 | 28.29 |
Maximum on-loan (% of AUM) | 1.16 | 1.78 | 3.56 | 4.97 | 8.41 | 9.46 | 8.95 | 27.40 | 24.78 | 38.97 |
Collateralisation (% of Loan) | 106.39 | 108.18 | 107.52 | 107.20 | 107.06 | 106.22 | 104.85 | 104.99 | 105.37 | 105.45 |
Ticker | Name | Asset Class | Weight % | ISIN | SEDOL | Exchange | Location |
---|---|---|---|---|---|---|---|
UKTI | UK I/L GILT | Fixed Income | 7.20 | GB00B421JZ66 | B421JZ6 | - | United Kingdom |
TNOTE | TREASURY NOTE | Fixed Income | 4.32 | US91282CAH43 | BMV9TY6 | Boerse Duesseldorf | United States |
UKTI | UK I/L GILT | Fixed Income | 4.31 | GB0031790826 | 3179082 | - | United Kingdom |
- | UK I/L GILT | - | 3.16 | GB00BGDYHF49 | BGDYHF4 | - | - |
UKTI | UK I/L GILT | Fixed Income | 3.12 | GB00B73ZYW09 | B73ZYW0 | - | United Kingdom |
SPGB | SPAIN (KINGDOM OF) | Fixed Income | 3.11 | ES00000127G9 | BYYTKZ5 | - | Spain |
SPGB | SPAIN (KINGDOM OF) | Fixed Income | 3.01 | ES00000126Z1 | BVGC318 | - | Spain |
UKTI | UK I/L GILT | Fixed Income | 2.62 | GB0008932666 | B811193 | - | United Kingdom |
BGB | BELGIUM (KINGDOM OF) | Fixed Income | 2.54 | BE0000334434 | BV8WXZ0 | - | Belgium |
- | TREASURY NOTE | - | 2.36 | US91282CLB53 | BRC1731 | - | - |
Collateral Types | |||
---|---|---|---|
Loan Type | Equities | Government, Supranational and Agency Bonds | Cash (Not for Reinvestment) |
Equities | 105%-112% | 105%-106% | 105%-108% |
Government Bonds | 110%-112% | 102.5%-106% | 102.5%-105% |
Corporate Bonds | 110%-112% | 104%-106% | 103.5%-105% |
We also accept selected physically replicating Equity, Government Bond, Credit and Commodity ETFs as collateral.
Collateral parameters depend on the collateral and the loan combination, and the over collateralisation level may range from 102.5% to 112%. In this context, “Over Collateralisation” means that the aggregate market value of collateral
taken will exceed the overall on-loan value. Collateral parameters are reviewed on an ongoing bases and are subject to change.
With securities lending there is a risk of loss should the borrower default before the securities are returned, and due to market movements, the value of collateral held has fallen and/or the value of the securities on loan has risen.
Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Fund Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise
For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. Please refer to the fund’s prospectus for more information. The screening applied by the fund's index provider may include revenue thresholds set by the index provider. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. These screens are described in more detail in the fund’s prospectus, other fund documents, and the relevant index methodology document.
Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.
As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.