Fixed Income

BRLN

iShares Floating Rate Loan Active ETF

  • NAV as of Nov 18, 2024 $52.43
    52 WK: 51.57 - 52.57
  • 1 Day NAV Change as of Nov 18, 2024 0.03 (0.06%)
  • NAV Total Return as of Nov 15, 2024 YTD: 7.46%
  • Fees as stated in the prospectus Expense Ratio: 0.62%
    Net Expense Ratio: 0.55%

Overview

Why BRLN?

1. Seek income that may adjust with changes in interest rates

 

2. Actively managed strategy that leverages the expertise of BlackRock’s Global Credit team

 

3. Low-cost exposure to floating rate loans

INVESTMENT OBJECTIVE

The fund primarily seeks to provide high current income and secondarily seeks to provide long-term capital appreciation.
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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 9.53 - - - 10.49
Market Price (%) 8.34 - - - 10.52
Benchmark (%) 9.62 - - - 10.99
After Tax Pre-Liq. (%) 5.87 - - - 6.96
After Tax Post-Liq. (%) 5.54 - - - 6.48
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.24 0.64 2.14 3.76 9.53 - - - 21.97
Market Price (%) 5.11 0.16 1.93 3.33 8.34 - - - 22.05
Benchmark (%) 6.59 0.74 2.09 4.06 9.62 - - - 23.05
After Tax Pre-Liq. (%) 4.03 0.35 1.33 2.10 5.87 - - - 14.34
After Tax Post-Liq. (%) 3.66 0.38 1.26 2.21 5.54 - - - 13.32
  2019 2020 2021 2022 2023
Total Return (%) - - - - 12.46
Market Price (%) - - - - 13.39
Benchmark (%) - - - - 13.10
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

Key Facts

Key Facts

Net Assets of Fund
as of Nov 18, 2024
$57,671,596
Exchange
Cboe BZX formerly known as BATS
Benchmark Index
Morningstar LSTA Leveraged Loan Index
Distribution Frequency
Monthly
CUSIP
092528405
30 Day Avg. Volume
as of Nov 15, 2024
8,806.00
Daily Volume
as of Nov 18, 2024
7,143.00
Fund Launch Date
Oct 04, 2022
Asset Class
Fixed Income
Shares Outstanding
as of Nov 18, 2024
1,100,000
Premium/Discount
as of Nov 18, 2024
0.67%
Closing Price
as of Nov 18, 2024
52.78
30 Day Median Bid/Ask Spread
as of Nov 15, 2024
0.29%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 15, 2024
439
30 Day SEC Yield
as of Nov 15, 2024
7.40%
Standard Deviation (3y)
as of -
-
Average Yield to Maturity
as of Nov 15, 2024
7.90%
Weighted Avg Maturity
as of Nov 15, 2024
3.80 yrs
Option Adjusted Spread
as of Nov 15, 2024
284.83 bps
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Nov 15, 2024
7.93%
Unsubsidized 30-Day SEC Yield
as of Nov 15, 2024
7.33%
Weighted Avg Coupon
as of Nov 15, 2024
7.43
Effective Duration
as of Nov 15, 2024
0.35 yrs
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

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. MSCI Ratings are currently unavailable for this fund.

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. 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 Nov 15, 2024
0.00%
MSCI - Nuclear Weapons
as of Nov 15, 2024
0.00%
MSCI - Civilian Firearms
as of Nov 15, 2024
0.01%
MSCI - Tobacco
as of Nov 15, 2024
0.00%
MSCI - UN Global Compact Violators
as of Nov 15, 2024
0.01%
MSCI - Thermal Coal
as of Nov 15, 2024
0.00%
MSCI - Oil Sands
as of Nov 15, 2024
0.00%
Business Involvement Coverage
as of Nov 15, 2024
19.00%
Percentage of Fund not covered
as of Nov 15, 2024
81.00%
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 0.01%.

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.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fees

Fees

as of current prospectus
Management Fee 0.60%
Acquired Fund Fees and Expenses 0.02%
Other Expenses 0.00%
Expense Ratio 0.62%
Fee Waivers 0.07%
Net Expense Ratio 0.55%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Sep 30, 2024)
Analyst-Driven % as of Sep 30, 2024
55.00
Data Coverage % as of Sep 30, 2024
88.00

Holdings

Holdings

as of Nov 15, 2024
Issuer Weight (%)
UTZ QUALITY FOODS LLC 2.38
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF 2.13
ISHARES HIGH YIELD CORPORATE BOND 1.88
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 1.67
CLOUD SOFTWARE GROUP INC 1.33
Issuer Weight (%)
MEDLINE BORROWER LP 1.12
ALLIANT HOLDINGS INTERMEDIATE LLC 1.07
TRANSDIGM INC 1.03
CLOVER HOLDINGS 2 LLC 0.96
ATHENAHEALTH GROUP INC 0.92
Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency Accrual Date Effective Date Strike price
Detailed Holdings and Analytics
Holdings are subject to change.



The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

The “SYNTH” included in the Holdings table above are swaptions held by the Fund.

Exposure Breakdowns

Exposure Breakdowns

as of Nov 15, 2024

% of Market Value

Type Fund
as of Nov 15, 2024

% of Market Value

Type Fund
The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of Nov 15, 2024

% 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.

Portfolio Managers

Portfolio Managers

Carly Wilson
Carly Wilson
Managing Director

Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

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Carly Wilson, Managing Director, is a member of BlackRock's Global Credit Platform. She is a portfolio manager for the platform's bank loan strategies and global long/short credit strategies.

Since joining BlackRock in 2009, Ms. Wilson's investment experience has focused on both single name and sector selection within Credit, as well as fund-level risk management. Her bank loan experience spans mandate types, including daily liquidity mutual funds, semi-liquid offshore funds, CLOs and separate accounts managed on behalf of a global client base with bespoke needs. On behalf of the platform's Global Long/Short Credit Fund, Ms. Wilson focuses on asset allocation and cross-market relative value, as well as single name alpha generation and risk budgeting. In this role, she invests long and short in many global markets - including credit, rates and equities, in both cash and derivatives.

Ms. Wilson is currently on the Board of Directors of the Loan Syndications & Trading Association (LSTA).

Prior to her current role, Ms. Wilson worked at multi-strategy hedge fund R3 Capital where she focused on credit research and portfolio management. Previously, she worked at Lehman Brothers in Global Principal Strategies as part of the capital structure arbitrage investment team. Ms. Wilson began her career in equity trading at Lehman Brothers.

Ms. Wilson earned a bachelor's degree in Economics from the Wharton School of Business at the University of Pennsylvania in 2004.

Mitchell S. Garfin, CFA
Mitchell S. Garfin, CFA
Co-Head of U.S. High Yield in Global Credit team

  

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Mitchell S. Garfin, CFA, Managing Director, is the Co-Head of U.S. High Yield within BlackRock's Global Credit team. He is also responsible for managing Global High Yield strategies. 

 

Mr. Garfin joined BlackRock in 1997 as an analyst in the Account Management Group working with taxable financial institutional clients. He joined the Portfolio Management Group in 2000 as a credit research analyst and in 2005 moved to portfolio management.  Mr. Garfin moved to his current role in 2007 and serves as Head of the Global Credit Human Capital Committee.

 

Mr. Garfin earned a BA degree, with distinction, in finance from the University of Michigan in 1997, and an MBA degree in finance and economics from New York University in 2005.

Tara Fitzpatrick
Tara Fitzpatrick

Literature

Literature

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