Fixed Income

BINC

iShares Flexible Income Active ETF

  • NAV as of Nov 20, 2024 $52.49
    52 WK: 50.65 - 53.39
  • 1 Day NAV Change as of Nov 20, 2024 -0.01 (-0.02%)
  • NAV Total Return as of Nov 19, 2024 YTD: 5.64%
  • Fees as stated in the prospectus Expense Ratio: 0.53%
    Net Expense Ratio: 0.40%

Overview

Why BINC?

1. Income: nimble multisector approach that seeks to maximize income

 

2. Direct access: to harder-to-reach fixed income sectors through an experienced investment team led by Rick Rieder, Morningstar’s 2023 Outstanding Portfolio Manager*

 

3. Cost effective: low cost, active fixed income solution


*Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income, was granted the 2023 Morningstar Award for Investing Excellence: Outstanding Portfolio Manager. https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2023/Winners-Announced-for-2023-U.S.-Morningstar-Awards-for-Investing-Excellence/default.aspx

INVESTMENT OBJECTIVE

The iShares Flexible Income Active ETF seeks to maximize long-term income by primarily investing in debt and income-producing securities with a secondary objective of 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 (%) 12.15 - - - 10.03
Market Price (%) 11.99 - - - 10.28
Benchmark (%) 12.08 - - - 6.69
After Tax Pre-Liq. (%) 9.72 - - - 7.89
After Tax Post-Liq. (%) 7.11 - - - 6.71
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.13 1.12 3.99 4.96 12.15 - - - 13.99
Market Price (%) 5.92 1.12 4.05 4.92 11.99 - - - 14.34
Benchmark (%) 4.91 1.37 5.20 5.40 12.08 - - - 9.24
After Tax Pre-Liq. (%) 4.68 0.92 3.37 3.77 9.72 - - - 10.96
After Tax Post-Liq. (%) 3.60 0.66 2.35 2.91 7.11 - - - 9.31
  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. 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 20, 2024
$6,335,415,001
Exchange
NYSE Arca
Benchmark Index
BBG U.S. Universal Index
Distribution Frequency
Monthly
CUSIP
092528603
30 Day Avg. Volume
as of Nov 20, 2024
902,994.00
Daily Volume
as of Nov 20, 2024
1,703,872.00
Fund Launch Date
May 19, 2023
Asset Class
Fixed Income
Shares Outstanding
as of Nov 20, 2024
120,700,000
Premium/Discount
as of Nov 20, 2024
0.23%
Closing Price
as of Nov 20, 2024
52.61
30 Day Median Bid/Ask Spread
as of Nov 20, 2024
0.02%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 20, 2024
2,842
30 Day SEC Yield
as of Nov 19, 2024
5.60%
Standard Deviation (3y)
as of -
-
Average Yield to Maturity
as of Nov 20, 2024
6.11%
Weighted Avg Maturity
as of Nov 20, 2024
4.42 yrs
Convexity
as of Nov 20, 2024
-0.20
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Nov 19, 2024
5.55%
Unsubsidized 30-Day SEC Yield
as of Nov 19, 2024
5.47%
Weighted Avg Coupon
as of Nov 20, 2024
5.68
Effective Duration
as of Nov 20, 2024
3.09 yrs
Option Adjusted Spread
as of Nov 20, 2024
173.64 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.

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 20, 2024
0.01%
MSCI - Nuclear Weapons
as of Nov 20, 2024
0.01%
MSCI - Civilian Firearms
as of Nov 20, 2024
0.03%
MSCI - Tobacco
as of Nov 20, 2024
0.00%
MSCI - UN Global Compact Violators
as of Nov 20, 2024
0.06%
MSCI - Thermal Coal
as of Nov 20, 2024
0.00%
MSCI - Oil Sands
as of Nov 20, 2024
0.00%
Business Involvement Coverage
as of Nov 20, 2024
30.09%
Percentage of Fund not covered
as of Nov 20, 2024
69.91%
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 0.20% and for Oil Sands 0.19%.

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 0.50%
Acquired Fund Fees and Expenses 0.03%
Other Expenses 0.00%
Expense Ratio 0.53%
Fee Waivers 0.13%
Net Expense Ratio 0.40%

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 - SILVER
Morningstar has awarded the Fund a Silver 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 20, 2024
Issuer Weight (%)
UNIFORM MBS 5.75
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 2.69
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 1.70
COLOMBIA (REPUBLIC OF) 1.16
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 1.06
Issuer Weight (%)
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF 0.69
POWERSHARES SENIOR LOAN PORTFOLIO 0.59
SPDR BLACKSTONE/GSO SENIOR LOAN 0.58
BARCLAYS PLC 0.47
SOUTH AFRICA (REPUBLIC OF) 0.45
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. * Where the fund holds futures or swaps, initial margin is reflected in the Cash Collateral USD UBSFT account. The daily variation margin is included in the fund’s USD Cash, and/or Money Market accounts. Both the USD Cash and Money Market accounts may also hold cash from normal portfolio activities.



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 20, 2024

% of Market Value

Type Fund
as of Nov 19, 2024

% of Market Value

Type Fund
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product's total holdings, excluding currency holdings. Percentages do not reflect fair valuation. In some instances, percentages may reflect the location where the issuer of the securities carries out much of their business. Bonds are included in U.S. bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer.
as of Nov 20, 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 20, 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

Rick Rieder
Rick Rieder
Chief Investment Officer of Global Fixed Income

        

Read More

Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.

 

Responsible for managing roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment Sub-Committee. He also is Chairman of the firm-wide BlackRock Investment Council.

 

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014 and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013.

 

Mr. Rieder has served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

 

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. From 1987 to 2008, he was with Lehman Brothers where he was head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

 

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy outreach program, Graduation Generation. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, NJ. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation in Atlanta, and Trustee for the U.S. Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Jacob Caplain
Jacob Caplain
Managing Director

Jacob Caplain, Managing Director, is Head of Strategy for Global Fixed Income multi-sector yield and closed-end funds.

Read More

Jacob Caplain, Managing Director, is Head of Strategy for Global Fixed Income multi-sector yield and closed-end funds. Jacob designed the investment process for the FI Yield Funds and contributed to the creation of many of these vehicles. He focuses on portfolio construction, risk analysis, asset allocation, and analytics across the multi-sector mutual funds platform, focusing on yield-driven strategies. He specializes in fundamental research on macro trends in Emerging Markets.

 

Mr. Caplain has also been a member of the Risk and Quantitative Analysis group within BlackRock, responsible for risk management across the multi-sector mutual funds platform. Mr. Caplain earned a BA degree, magna cum laude, in Financial Economics from Columbia University.

Samir Lakhani
Samir Lakhani
Managing Director, Co-Head of Securitized Assets & Head of CMBS

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

Read More

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

​

Learn more about Fixed Income strategies

Dylan Price
Dylan Price
Director

  

Read More

Dylan Price, Director, is a Portfolio Manager on BlackRock's Global Fixed Income team. Notably, Dylan is a Portfolio Manager on the iShares Flexible Income Active ETF, Strategic Global Bond Fund, World Bond Fund, Global Government Bond Fund, and the Impact Bond Fund.

 

Dylan also produces macro-economic and market-based research for both internal and external facing presentation. He is a co-author of the Rick Rieder Monthly Markets Call.

 

Dylan earned a BBA degree, with distinction, in Finance from the Goizueta Business School at Emory University.

Charlotte Widjaja
Charlotte Widjaja
Vice President, Global Fixed Income Group

Charlotte is also a co-author of the Rick Rieder Monthly Markets Call and is a member of the Global Fixed Income team’s ESG Implementation Committee.

Read More

Charlotte Widjaja is a member of the Office of the CIO within BlackRock’s Global Fixed Income Group. She is a Portfolio Manager focusing on asset allocation and portfolio construction for the Multi-Sector and Yield-Focused mandates. She is involved in driving platform macro positioning and specializes in cross-asset thematic strategies. Charlotte is a Lead Portfolio Manager on the iShares Flexible Income Active ETF, BlackRock Sustainable Global Bond Income Fund, and an Associate Portfolio Manager on the BlackRock Strategic Income Opportunities Fund. Along with her portfolio management role, she also focuses on building competitor analysis tools, which are used to inform the platform's performance and positioning relative to key peers in the industry.

 

Charlotte is also a co-author of the Rick Rieder Monthly Markets Call and is a member of the Global Fixed Income team’s ESG Implementation Committee.

 

Charlotte joined through Blackrock's Analyst Program in 2017. She earned a Bachelor of Science degree in Finance from Babson College in 2017.

Literature

Literature

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