Fixed Income

HYMU

iShares High Yield Muni Income Active ETF

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  • NAV as of Nov 20, 2024 $22.86
    52 WK: 20.98 - 23.08
  • 1 Day NAV Change as of Nov 20, 2024 0.01 (0.03%)
  • Morningstar Rating
  • Fees as stated in the prospectus Expense Ratio: 0.47%
    Net Expense Ratio: 0.35%

Overview

Why HYMU?

1. Tax-exempt income: Seeks tax-exempt income and total return through a diversified portfolio of municipal bonds

 

2. Active expertise: Actively managed by the experienced BlackRock municipal bond team

 

3. High yield exposure: Use HYMU for exposure to high yield municipal bonds in a fixed income portfolio

INVESTMENT OBJECTIVE

The iShares High Yield Muni Income Active ETF (the “Fund”) primarily seeks to maximize tax free current income and secondarily seeks to maximize capital appreciation with a portfolio composed principally of high yield and other income generating U.S. municipal bonds.

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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 (%) 17.63 0.11 - - 1.77
Market Price (%) 18.64 0.04 - - 1.89
Benchmark (%) 17.38 1.05 - - 2.14
After Tax Pre-Liq. (%) 17.56 -0.04 - - 1.64
After Tax Post-Liq. (%) 12.40 0.88 - - 2.11
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom 16.39 0.92 - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 7.68 1.07 3.30 5.83 17.63 0.33 - - 6.42
Market Price (%) 7.90 1.02 3.48 5.50 18.64 0.11 - - 6.86
Benchmark (%) 7.48 0.90 3.21 5.88 17.38 3.18 - - 7.78
After Tax Pre-Liq. (%) 7.64 1.07 3.29 5.80 17.56 -0.12 - - 5.93
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom 6.70 0.92 3.13 5.35 16.39 2.79 - - -
After Tax Post-Liq. (%) 5.74 0.78 2.38 4.32 12.40 2.67 - - 7.70
  2019 2020 2021 2022 2023
Total Return (%) - - - -15.99 9.70
Market Price (%) - - - -15.95 9.64
Benchmark (%) - - - -13.10 9.21
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom - - - -12.55 9.00
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
$235,433,175
Exchange
Cboe BZX formerly known as BATS
Benchmark Index
BBG Municipal High Yield Bond Index (Risk Basis: MUNI)
Shares Outstanding
as of Nov 20, 2024
10,300,000
Premium/Discount
as of Nov 20, 2024
0.62%
Closing Price
as of Nov 20, 2024
23.00
30 Day Median Bid/Ask Spread
as of Nov 20, 2024
0.04%
Fund Launch Date
Mar 16, 2021
Asset Class
Fixed Income
Secondary Benchmark
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom
Distribution Frequency
Monthly
CUSIP
092528108
30 Day Avg. Volume
as of Nov 20, 2024
90,603.00
Daily Volume
as of Nov 20, 2024
59,663.00

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 20, 2024
337
30 Day SEC Yield
as of Nov 19, 2024
4.42%
Standard Deviation (3y)
as of Oct 31, 2024
10.94%
Average Yield to Maturity
as of Nov 20, 2024
4.73%
Weighted Avg Coupon
as of Nov 20, 2024
5.14
Effective Duration
as of Nov 20, 2024
6.87 yrs
Option Adjusted Spread
as of Nov 20, 2024
117.12 bps
Equity Beta (3y)
as of Oct 31, 2024
0.47
12m Trailing Yield
as of Nov 19, 2024
4.20%
Unsubsidized 30-Day SEC Yield
as of Nov 19, 2024
4.30%
Tax Equiv. SEC Yield
as of Nov 19, 2024
7.46%
Weighted Avg Maturity
as of Nov 20, 2024
8.74 yrs
Convexity
as of Nov 20, 2024
-0.54
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
0.00%
MSCI - Nuclear Weapons
as of Nov 20, 2024
0.00%
MSCI - Civilian Firearms
as of Nov 20, 2024
0.00%
MSCI - Tobacco
as of Nov 20, 2024
0.00%
MSCI - UN Global Compact Violators
as of Nov 20, 2024
0.00%
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
4.44%
Percentage of Fund not covered
as of Nov 20, 2024
95.56%
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 0.31%.

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 0.45%
Acquired Fund Fees and Expenses 0.02%
Other Expenses 0.00%
Expense Ratio 0.47%
Fee Waivers 0.12%
Net Expense Ratio 0.35%

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 Rating

3 stars
Overall Morningstar Rating for iShares High Yield Muni Income Active ETF, as of Oct 31, 2024 rated against 185 High Yield Muni Funds based on risk adjusted total return.

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 20, 2024
Issuer Weight (%)
NEW YORK TRANSPORTATION DEVELOPMENT CORP 6.64
PUERTO RICO SALES TAX FINANCING CORP 5.78
PUBLIC FINANCE AUTHORITY WISCONSIN 4.05
PUERTO RICO COMMONWEALTH OF (GOVERNMENT) 3.22
TOBACCO SETTLEMENT FING CORP N J 2.19
Issuer Weight (%)
METROPOLITAN TRANSPORTATION AUTHORITY 2.13
FLORIDA DEVELOPMENT FINANCE CORP 1.95
UTAH CHARTER SCHOOL FIN AUTH 1.95
WASHINGTON STATE HOUSING FINANCE COMMISSION 1.50
HOOVER ALA INDL DEV BRD 1.45
Name Sector Asset Class Market Value Weight (%) Notional Value 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
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 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
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

Kevin Maloney, CFA
Kevin Maloney, CFA
Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Read More

Kevin Maloney, CFA, Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

James Mauro
James Mauro
Ryan McDonald, CFA
Ryan McDonald, CFA
Managing Director, Municipal Fixed Income

    

Read More

Ryan McDonald, CFA, Managing Director, is a member of Municipal Fixed Income business in BlackRock's Portfolio Management Group. Mr. McDonald is a Credit Research analyst, covering various sectors in municipal high yield with a particular focus on distressed securities and special situations in the municipal market.

 

Prior to joining BlackRock in 2014, Mr. McDonald was a vice president at Moelis & Co. where his responsibilities included the analysis of distressed municipal bonds and derivative products. His work also encompassed the analysis of monoline insurers and their various municipal/structured finance exposures. Prior to Moelis & Co., Mr. McDonald was a financial analyst at MAEVA Group, LLC, where he was responsible for analyzing state & local municipal pension plans and making restructuring recommendations. Prior to MAEVA, Mr. McDonald spent 8 years at JPMorgan where he worked in both the Public Finance and Structured Credit departments.

 

Mr. McDonald earned a BA degree in finance from the University of Notre Dame in 2004.

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.

Literature

Literature

 

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