Fixed Income

SLMG

iShares J.P. Morgan ESG $ EM Bond UCITS ETF

  • NAV as of 10-Dec-2024 EUR 4.56
    52 WK: 4.17 - 4.60
  • 1 Day NAV Change as of 10-Dec-2024 -0.01 (-0.12%)
  • NAV Total Return as of 10-Dec-2024 YTD: 6.04
  • Weighted Average YTM as of 10-Dec-2024 6.36%

Overview

WHY SLMG?

  1. Exposure to investment grade and non-investment grade emerging market bonds issued by sovereign and quasi-sovereign entities in US Dollar.
  2. Assigns a larger weight to issuers that have a higher environmental, social and governance (ESG) score than those with a lower score.
  3. Excludes issuers involved in controversial sectors (thermal coal, tobacco or weapons), that violate the United Nations Global Compact (UNGC) Principals or have a low ESG score.

INVESTMENT OBJECTIVE

The iShares J.P. Morgan ESG $ EM Bond UCITS ETF provides exposure to the USD denominated emerging market debt market while aligning ESG objectives.

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: ETFs trade on exchanges like stocks and are bought and sold at market prices which may be different to the net asset values of the ETFs. When investing in equities and equity-related securities their value can be affected by daily stock market movements. The Fund's environmental, social and governance ("ESG") investment strategy limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The benchmark index only excludes companies engaging in certain activities inconsistent with ESG criteria if such activities exceed the thresholds determined by the index provider. Investors should therefore make a personal ethical assessment of the benchmark index’s ESG screening prior to investing in 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

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Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The value of the investments may go up or down and the investor may not get back the amount invested.

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 realise returns that are different to the NAV performance.

Source: BlackRock. Performance data is displayed on a Net Asset Value basis, in Base Currency terms (as shown in Key Facts), with net income reinvested, net of fees. Brokerage or transaction fees will apply.

This chart shows the fund's performance as the percentage loss or gain per year over the last 4 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 3.7 -3.9 -21.0 7.1
Benchmark (%) 5.8 -2.3 -18.9 10.3
  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-2024

- 1.50 -26.52 5.43 15.45
Benchmark (%)

as of 30-Sep-2024

- 3.12 -25.10 9.06 18.13
  1y 3y 5y 10y Incept.
Total Return (%) 10.25 -3.35 -1.99 - -1.91
Benchmark (%) 12.56 -0.88 0.24 - 0.33
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 5.48 1.16 0.53 5.23 10.25 -9.72 -9.58 - -9.26
Benchmark (%) 7.48 1.25 0.92 6.30 12.56 -2.62 1.22 - 1.65
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. 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 realise returns that are different to the NAV performance

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 EUR, hedged share class benchmark performance is displayed in USD.

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 of Share Class
as of 10-Dec-2024
EUR 556,666,816
Share Class Launch Date
20-Nov-2019
Share Class Currency
EUR
Asset Class
Fixed Income
Shares Outstanding
as of 10-Dec-2024
121,975,309
ISIN
IE00BKP5L730
Securities Lending Return
as of 30-Sep-2024
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 10-Dec-2024
USD 2,959,832,849
Fund Launch Date
24-Sep-2018
Fund Base Currency
USD
Benchmark Index
J.P. Morgan ESG EMBI Global Diversified Index
Total Expense Ratio
0.50%
Use of Income
Accumulating
Domicile
Ireland
Rebalance Frequency
Monthly
UCITS Compliant
Yes
Fund Manager
BlackRock Asset Management Ireland Limited
Custodian
The Bank of New York Mellon SA/NV, Dublin Branch
Bloomberg Ticker
SLMG GY

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 10-Dec-2024
789
Benchmark Ticker
JESGEMGD
3y Beta
as of 30-Nov-2024
0.995
Weighted Avg Coupon
as of 10-Dec-2024
5.00
Effective Duration
as of 10-Dec-2024
7.00
Benchmark Level
as of 10-Dec-2024
USD 140.07
Standard Deviation (3y)
as of 30-Nov-2024
11.28%
Weighted Average YTM
as of 10-Dec-2024
6.36%
Weighted Avg Maturity
as of 10-Dec-2024
11.53

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, 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 10-Dec-2024
0.00%
MSCI - Nuclear Weapons
as of 10-Dec-2024
0.00%
MSCI - Civilian Firearms
as of 10-Dec-2024
0.00%
MSCI - Tobacco
as of 10-Dec-2024
0.00%
MSCI - UN Global Compact Violators
as of 10-Dec-2024
0.00%
MSCI - Thermal Coal
as of 10-Dec-2024
0.00%
MSCI - Oil Sands
as of 10-Dec-2024
0.00%
Business Involvement Coverage
as of 10-Dec-2024
5.56%
Percentage of Fund not covered
as of 10-Dec-2024
94.44%
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.


While BlackRock calculates the business involvement metrics based on data from MSCI ESG Research, the fund seeks to replicate the performance of an index not provided by MSCI. As a result, MSCI may take a different view on the business involvement exposure of a fund’s underlying holdings than the fund’s index provider. The fund’s index provider may also implement business involvement screens with a similar exposure as the business involvement metrics but apply a different methodology. Consequently, the business involvement metrics may indicate exposure to a category that is subject to an exclusionary screen by the fund’s index methodology.


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

  • Czech Republic

  • Denmark

  • Estonia

  • Finland

  • France

  • Germany

  • Hungary

  • Ireland

  • Italy

  • Latvia

  • Liechtenstein

  • Lithuania

  • Luxembourg

  • Netherlands

  • Norway

  • Poland

  • Saudi Arabia

  • Singapore

  • Slovak Republic

  • Spain

  • Sweden

  • Switzerland

  • United Kingdom

Holdings

Holdings

as of 10-Dec-2024
Issuer Weight (%)
ROMANIA (REPUBLIC OF) 4.07
SAUDI ARABIA (KINGDOM OF) 3.46
URUGUAY (ORIENTAL REPUBLIC OF) 3.43
PHILIPPINES (REPUBLIC OF) 3.43
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 3.39
Issuer Weight (%)
HUNGARY (GOVERNMENT) 3.36
DOMINICAN REPUBLIC (GOVERNMENT) 3.33
POLAND (REPUBLIC OF) 3.26
COLOMBIA (REPUBLIC OF) 3.24
QATAR (STATE OF) 3.01
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
Download Holdings
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.

Exposure Breakdowns

Exposure Breakdowns

as of 10-Dec-2024

% of Market Value

Type Fund
as of 10-Dec-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. However, in some instances it can reflect the location where the issuer of the securities carries out much of their business.
as of 10-Dec-2024

% of Market Value

Type Fund
as of 10-Dec-2024

% of Market Value

Type Fund
as of 10-Dec-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.

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-2014
To
30-Sep-2015		 From
30-Sep-2015
To
30-Sep-2016		 From
30-Sep-2016
To
30-Sep-2017		 From
30-Sep-2017
To
30-Sep-2018		 From
30-Sep-2018
To
30-Sep-2019		 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 (%) 0.05 0.04
Average on-loan (% of AUM) 10.41 17.19
Maximum on-loan (% of AUM) 17.59 21.85
Collateralisation (% of Loan) 109.22 107.15
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 10-Dec-2024
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
Xetra SLMG EUR 25-Nov-2019 BKTR9D7 SLMG GY SLMG.DE
Berne Stock Exchange GMES EUR 02-Feb-2021 BMT9SD0 GMES BW GMES.BN

Literature

Literature