Fixed Income

GLUH

iShares Core UK Gilts UCITS ETF

  • NAV as of 20-Nov-24 USD 4.91
    52 WK: 4.90 - 5.27
  • 1 Day NAV Change as of 20-Nov-24 -0.02 (-0.38%)
  • NAV Total Return as of 19-Nov-24 YTD: -2.20%
  • Weighted Average YTM as of 19-Nov-24 4.55%

Overview

WHY GLUH?

  1. Diversified exposure to UK government bonds
  2. Direct investment in government bonds
  3. Single country government bond exposure

INVESTMENT OBJECTIVE

The Fund seeks to track the performance of an index composed of Sterling denominated UK government bonds.

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: The value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The Fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest. Therefore the value of these securities are sensitive to movements in interest rates; typically when interest rates rise there is a corresponding decline in the market value of bonds. Fixed income securities issued by governments can be affected by the perceived stability of the country concerned and proposed or actual credit rating downgrades. As the Fund is predominately invested in securities issued by a single government, if these investments decline in value, this will have a pronounced effect on the overall value of the fund.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company
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Performance

Performance

Chart

View full chart

The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in USD, hedged fund 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

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution
For more information: +353 1 612 3394 • www.blackrock.com • investor.services@blackrock.com

This chart shows the fund's performance as the percentage loss or gain per year over the last 1 years.

  2019 2020 2021 2022 2023
Total Return (%) 4.56
Benchmark (%) 3.69
  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
Total Return (%)

as of 30-Sep-24

- - - - 8.21
Benchmark (%)

as of 30-Sep-24

- - - - 7.86
  1y 3y 5y 10y Incept.
Total Return (%) 5.96 - - - 3.01
Benchmark (%) 5.56 - - - 2.25
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) -2.47 -2.40 -1.88 1.97 5.96 - - - 6.33
Benchmark (%) -2.71 -2.48 -1.94 1.85 5.56 - - - 4.71

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 USD, 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

Key Facts

Key Facts

Net Assets
as of 20-Nov-24
USD 446,954,891
Inception Date
05-Oct-22
Share Class Currency
USD
Asset Class
Fixed Income
SFDR Classification
Other
Total Expense Ratio
0.09%
Distribution Frequency
Semi-Annual
Securities Lending Return
as of 30-Sep-24
0.04%
Product Structure
Physical
Methodology
Sampled
Issuing Company
iShares II plc
Administrator
BNY Mellon Fund Services (Ireland) Designated Activity Company
Fiscal Year End
31 October
Net Assets of Fund
as of 20-Nov-24
GBP 3,383,233,647
Fund Launch Date
01-Dec-06
Base Currency
GBP
Benchmark Index
FTSE Actuaries UK Conventional Gilts All Stocks Index (GBP)
Shares Outstanding
as of 20-Nov-24
91,018,941
ISIN
IE0004J6PFL7
Use of Income
Distributing
Domicile
Ireland
Rebalance Frequency
Ad-Hoc
UCITS
Yes
Fund Manager
BlackRock Asset Management Ireland Limited
Custodian
The Bank of New York Mellon SA/NV, Dublin Branch
Bloomberg Ticker
GLUH NA

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 19-Nov-24
66
Benchmark Ticker
-
Standard Deviation (3y)
as of -
-
Weighted Average YTM
as of 19-Nov-24
4.55%
Weighted Avg Maturity
as of 19-Nov-24
11.60
Benchmark Level
as of 20-Nov-24
GBP 3,041.81
12 Month Trailing Dividend Distribution Yield
as of 19-Nov-24
3.67
3y Beta
as of -
-
Weighted Avg Coupon
as of 19-Nov-24
2.61
Effective Duration
as of 19-Nov-24
8.02

Sustainability Characteristics

Sustainability Characteristics

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.

MSCI ESG Fund Rating (AAA-CCC)
as of 21-Sep-24
A
MSCI ESG Quality Score (0-10)
as of 21-Sep-24
6.67
Fund Lipper Global Classification
as of 21-Sep-24
Bond GBP Government
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sep-24
2.92
MSCI ESG % Coverage
as of 21-Sep-24
100.00
MSCI ESG Quality Score - Peer Percentile
as of -
-
Funds in Peer Group
as of 21-Sep-24
153
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sep-24
0.03
All data is from MSCI ESG Fund Ratings as of 21-Sep-24, based on holdings as of 31-Aug-24. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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

Business Involvement

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.

MSCI - Controversial Weapons
as of 19-Nov-24
0.00%
MSCI - Nuclear Weapons
as of 19-Nov-24
0.00%
MSCI - Civilian Firearms
as of 19-Nov-24
0.00%
MSCI - Tobacco
as of 19-Nov-24
0.00%
MSCI - UN Global Compact Violators
as of 19-Nov-24
0.00%
MSCI - Thermal Coal
as of 19-Nov-24
0.00%
MSCI - Oil Sands
as of 19-Nov-24
0.00%
Business Involvement Coverage
as of 19-Nov-24
1.57%
Percentage of Fund not covered
as of 19-Nov-24
98.43%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

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.

Ratings

Registered Locations

Registered Locations

  • Austria

  • Denmark

  • Finland

  • France

  • Germany

  • Ireland

  • Italy

  • Luxembourg

  • Netherlands

  • Norway

  • Saudi Arabia

  • Spain

  • Sweden

  • Switzerland

  • United Kingdom

Holdings

Holdings

as of 19-Nov-24
Issuer Weight (%)
UK CONV GILT 95.73
Issuer Weight (%)
UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 4.20
Issuer Ticker Name Sector Asset Class Market Value Weight (%) Notional Value Nominal Par Value ISIN Price Location Exchange Duration Maturity Coupon (%) Market Currency Effective Date
Detailed Holdings and Analytics
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.

Exposure Breakdowns

Exposure Breakdowns

as of 19-Nov-24

% of Market Value

Type Fund
as of 19-Nov-24

% of Market Value

Type Fund
as of 19-Nov-24

% of Market Value

Type Fund
as of 19-Nov-24

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Allocations are subject to change.

Securities Lending

Securities Lending

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-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 (%) 0.02 0.02 0.05 0.08 0.04
Average on-loan (% of AUM) 31.82 42.25 46.85 52.10 43.64
Maximum on-loan (% of AUM) 47.59 47.01 64.17 67.11 52.27
Collateralisation (% of Loan) 105.48 104.87 106.10 106.16 106.17
The above table summarises the lending data available for the fund.

The information in the Lending Summary table will not be displayed for the funds that have participated in securities lending for less than 12 months. The figures shown relate to past performance. Past performance is not a reliable indication of current or future results.
BlackRock’s policy is to disclose performance information quarterly subject to a one-month delay. This means that returns from 01/01/2019 to 31/12/2019 can be publicly disclosed from 01/02/2020.

Maximum on-loan figure may increase or decrease over time.

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.
as of 19-Nov-24
Ticker Name Asset Class Weight % ISIN SEDOL Exchange Location
Download Collateral Snapshot
Collateral Holdings shown on this page are provided on days where the fund participating in securities lending had an open loan.

The information in the Collateral Holdings table relates to securities obtained in the collateral basket under the securities lending programme for the fund in question. The information contained in this material is derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, is not necessarily all inclusive and is not guaranteed as to accuracy. Reliance upon information in this material is at the sole discretion of the reader. The primary risk in securities lending is that a borrower will default on their commitment to return lent securities while the value of the liquidated collateral does not exceed the cost of repurchasing the securities and the fund suffers a loss in respect of the short-fall.
The below table shows the Loan/Collateral Combinations and Collateral Levels for our European Lending funds.
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.

Listings

Listings

Exchange Ticker Currency Listing Date SEDOL Bloomberg Ticker RIC
Euronext Amsterdam GLUH USD 07-Oct-22 BPX4MT6 GLUH NA GLUH.AS

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 3 years
Example Investment USD 10,000
Scenario
If you exit after 1 year
If you exit after 3 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
7,640 USD
-23.6%
6,460 USD
-13.6%

Unfavourable

What you might get back after costs
Average return each year
7,640 USD
-23.6%
6,970 USD
-11.3%

Moderate

What you might get back after costs
Average return each year
10,140 USD
1.4%
10,890 USD
2.9%

Favourable

What you might get back after costs
Average return each year
11,660 USD
16.6%
11,860 USD
5.8%

The stress scenario shows what you might get back in extreme market circumstances.



Literature

Literature