Fixed Income

CLOA

iShares AAA CLO Active ETF

  • NAV as of Nov 18, 2024 $51.87
    52 WK: 50.94 - 51.93
  • 1 Day NAV Change as of Nov 18, 2024 0.04 (0.08%)
  • NAV Total Return as of Nov 15, 2024 YTD: 6.49%
  • Fees as stated in the prospectus Expense Ratio: 0.20%

Overview

Why CLOA?

1. Leverages the expertise of the Global Fundamental Credit CLO Tranche team

 

2. Potential for higher income with low volatility compared to fixed-rate investment grade bonds1

 

3. Low cost access to high quality AAA CLO’s


1Source: JP Morgan, BlackRock, Bloomberg as of 11/30/22. AAA CLOs as represented by the JP Morgan CLOIE Index. Fixed-rate investment grade bonds as represented by the Bloomberg US Aggregate Index ("Agg"). The 5y standard deviation of monthly returns for the JP Morgan CLOIE index is 2.9% (source JP Morgan). The 5y standard deviation of monthly returns for the Agg is 5.0% (source: Bloomberg). Past performance is not indicative of future results.

INVESTMENT OBJECTIVE

The iShares AAA CLO Active ETF (the “Fund”) seeks to provide capital preservation and current income by investing principally in a portfolio composed of U.S. dollar-denominated AAA-rated collateralized loan obligations (“CLOs”).

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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 (%) 7.90 - - - 8.24
Market Price (%) 7.69 - - - 8.31
Benchmark (%) 7.69 - - - 8.05
After Tax Pre-Liq. (%) 5.24 - - - 5.73
After Tax Post-Liq. (%) 4.61 - - - 5.21
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 5.55 0.59 1.66 3.57 7.90 - - - 14.63
Market Price (%) 5.51 0.53 1.61 3.58 7.69 - - - 14.74
Benchmark (%) 5.39 0.59 1.68 3.48 7.69 - - - 14.28
After Tax Pre-Liq. (%) 3.85 0.36 1.02 2.28 5.24 - - - 10.08
After Tax Post-Liq. (%) 3.26 0.35 0.98 2.10 4.61 - - - 9.15
  2019 2020 2021 2022 2023
Total Return (%) - - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
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.

Key Facts

Key Facts

Net Assets of Fund
as of Nov 18, 2024
$570,561,523
Exchange
NASDAQ
Benchmark Index
JP Morgan CLOIE AAA Index (USD)
Distribution Frequency
Monthly
CUSIP
092528504
30 Day Avg. Volume
as of Nov 15, 2024
180,061.00
Daily Volume
as of Nov 18, 2024
90,656.00
Fund Launch Date
Jan 10, 2023
Asset Class
Fixed Income
Shares Outstanding
as of Nov 18, 2024
11,000,000
Premium/Discount
as of Nov 18, 2024
-0.13%
Closing Price
as of Nov 18, 2024
51.80
30 Day Median Bid/Ask Spread
as of Nov 15, 2024
0.02%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 15, 2024
219
30 Day SEC Yield
as of Nov 15, 2024
6.07%
Standard Deviation (3y)
as of -
-
Weighted Avg Coupon
as of Nov 15, 2024
6.20
Effective Duration
as of Nov 15, 2024
0.18 yrs
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Nov 15, 2024
6.14%
Average Yield to Maturity
as of Nov 15, 2024
5.97%
Weighted Avg Maturity
as of Nov 15, 2024
2.38 yrs
Option Adjusted Spread
as of Nov 15, 2024
116.71 bps
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.

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 0.20%
Acquired Fund Fees and Expenses 0.00%
Other Expenses 0.00%
Expense Ratio 0.20%

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

Holdings

Holdings

as of Nov 15, 2024
Issuer Weight (%)
OCP_20-19R-A1R 1.42
GLM_21-11A-A 1.07
BGCLO_22-4AR-A1R 1.03
GOCAP_58-A1 0.93
WELLI_24-3A-A1 0.89
BSP_20-21A-A1R 0.88
OHALF_15-1A-AR3 0.88
REG_22-2AR-AR 0.88
AIGIM 2021-1A-A 0.88
GCBSL _19-41A-AR 0.88
OAKC_19-3A-AR 0.88
OAKC_19-2A-AR 0.88
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL 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
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.

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

Saffet Ozbalci
Saffet Ozbalci
Managing Director, Global Head of Structured Credit

Saffet Ozbalci, Managing Director, Global Head of Structured Credit within BlackRock’s Fundamental Fixed Income platform.

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Saffet Ozbalci, Managing Director, Global Head of Structured Credit within BlackRock’s Fundamental Fixed Income platform. He is responsible for leading BlackRock’s CLO investing and broadly syndicated CLO management businesses.

 

Prior to joining BlackRock in 2012, Mr. Ozbalci was Head of CLO Trading at BNP Paribas. Previously, Mr. Ozbalci was a portfolio manager at Barclays Global Investors (BGI), primarily responsible for investments in securitized assets including ABS, RMBS, CLO and CDOs. In his previous role, he was the lead portfolio manager at Securities Finance Trust Company, primarily focusing on securitized assets and portfolio structuring.

 

Mr. Ozbalci earned a BS degree in Civil Engineering from Middle East Technical University and an MBA/MS degree in Finance from Boston College.

Peter Hirsh
Peter Hirsh
Director

Peter Hirsh, Director, is a member of BlackRock’s Fundamental Fixed Income platform.

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Peter Hirsh, Director, is a member of BlackRock’s Fundamental Fixed Income platform. He is a portfolio manager for CLOs, responsible for the structuring and execution of CLOs as well as managing third-party CLO tranche portfolios.

 

Prior to his current role, Mr. Hirsh was a product strategist where he led the product development and structuring efforts for BlackRock CLOs. Prior to that, while in the Special Opportunities Group within BlackRock Alternative Investors (BAI), he was responsible for managing investments, marketing and structuring opportunities driven by dislocations in the global financial markets with primary responsibility for marketing and structuring BlackRock's structured transactions, including CLOs.

 

Mr. Hirsh’s tenure with the firm dates back to 1999 when he joined the Portfolio Administration Group and was responsible for fund administration of BlackRock's CDO products, including general portfolio management support. Previously, Mr. Hirsh was an associate at JP Morgan developing and managing financial reporting systems and a financial consultant with Price Waterhouse.

 

Mr. Hirsh earned a BS in Economics and Psychology from the University of Pennsylvania.

Nidhi Patel
Nidhi Patel
Director

Nidhi Patel, Director, is a member of BlackRock’s Fundamental Fixed Income platform.

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Nidhi Patel, Director, is a member of BlackRock’s Fundamental Fixed Income platform. She is a portfolio manager for CLOs, responsible for research, selection, and trading of third-party CLOs managed on behalf of client separately managed accounts and CLO allocations for various BlackRock funds.

 

Prior to joining BlackRock, she held a similar role at MKP Capital Management where she worked for 9 years in various securitized asset classes. Earlier in her career, Nidhi worked at Deloitte & Touche where she was a Senior Auditor focused on CLO/CDO advisory and, prior to that, was an Auditor at Arthur Andersen.

 

Ms. Patel earned a BS degree in Accounting from Binghamton University School of Management and is a licensed CPA in New York.

Literature

Literature

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