Fixed Income

IU0C

iShares $ Corp Bond 0-3yr ESG UCITS ETF

Overview

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: All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments. The Fund’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.

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

Chart

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This chart shows the fund's performance as the percentage loss or gain per year over the last 2 years.

  2019 2020 2021 2022 2023
Total Return (%) -4.7 1.2
Benchmark (%) -2.1 5.5
  From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
From
30-Jun-2022
To
30-Jun-2023
From
30-Jun-2023
To
30-Jun-2024
Total Return (%)

as of 30-Jun-2024

- - -4.26 -1.70 1.57
Benchmark (%)

as of 30-Jun-2024

- - -2.85 2.22 5.79
  1y 3y 5y 10y Incept.
1.57 -1.49 - - -1.42
Benchmark (%) 5.79 1.66 - - 1.52
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.05 0.12 0.06 0.05 1.57 -4.41 - - -4.69
Benchmark (%) 2.06 0.47 1.12 2.06 5.79 5.07 - - 5.18

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 CHF, 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
as of 18-Jul-2024
CHF 13,999,907
Share Class launch date
24-Feb-2021
Share Class Currency
CHF
Asset Class
Fixed Income
Shares Outstanding
as of 18-Jul-2024
2,925,672
ISIN
IE00BMH5T376
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
IU0C SE
Net Assets of Fund
as of 18-Jul-2024
USD 1,097,209,623
Fund Launch Date
12-Dec-2018
Fund Base Currency
USD
Benchmark Index
Bloomberg MSCI US Corporate 0-3 Sustainable SRI Index
Total Expense Ratio
0.14%
Use of Income
Accumulating
Product Structure
Physical
Methodology
Sampled
Issuing Company
iShares II plc
Administrator
BNY Mellon Fund Services (Ireland) Designated Activity Company
Fiscal Year End
31 October

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 18-Jul-2024
1654
Benchmark Ticker
BMSRTRUU
3y Beta
as of 30-Jun-2024
0.896
Weighted Avg Coupon
as of 18-Jul-2024
3.50
Effective Duration
as of 18-Jul-2024
1.40
Benchmark Level
as of 18-Jul-2024
USD 127.45
Standard Deviation (3y)
as of 30-Jun-2024
1.80%
Weighted Average YTM
as of 18-Jul-2024
5.24%
Weighted Avg Maturity
as of 18-Jul-2024
1.54

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics 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 methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of 21-Jun-2024
A
MSCI ESG Quality Score (0-10)
as of 21-Jun-2024
7.04
Fund Lipper Global Classification
as of 21-Jun-2024
Bond USD Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Jun-2024
46.66
MSCI Implied Temperature Rise (0-3.0+ °C)
as of 21-Jun-2024
> 2.5° - 3.0° C
MSCI ESG % Coverage
as of 21-Jun-2024
99.77
MSCI ESG Quality Score - Peer Percentile
as of 21-Jun-2024
90.05
Funds in Peer Group
as of 21-Jun-2024
201
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Jun-2024
98.90
MSCI Implied Temperature Rise % Coverage
as of 21-Jun-2024
96.12

What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.

To address climate change, many of the world's major countries have signed the Paris Agreement. The temperature goal of the Paris Agreement is to limit global warming to well below 2°C above pre-industrial levels, and ideally 1.5 °C, which will help us avoid the most severe impacts of climate change.


What is the ITR metric?

The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. ITR employs open source 1.55° C decarbonization pathways derived from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). These pathways can be regional and sector specific and set a net zero target of 2050, in line with GFANZ (Glasgow Financial Alliance for Net Zero) industry standards. We make use of this feature for all GHG scopes. This enhanced ITR model was implemented by MSCI on February 19, 2024.


How is the ITR metric calculated?

The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band.


Note, only corporate issuers are covered within the calculation. A summary explanation of MSCI’s methodology and assumptions for its ITR metric can be found here.


Because the ITR metric is calculated in part by considering the potential for a company within the fund’s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. As a result, BlackRock publishes MSCI’s ITR metric for its funds in temperature range bands. The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric.

Thermometer-style chart of yellow to red temperature bands showing an investment’s position relative to the Paris Agreement temperature goals. Metric data source MSCI

What are the key assumptions and limitations of the ITR metric?

This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. Also, there are limitations with the data inputs to the model. Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations).

There is not a universally accepted way to calculate an ITR. There is not a universally agreed upon set of inputs for the calculation. At present, availability of input data varies across asset classes and markets. To the extent that data becomes more readily available and more accurate over time, we expect that ITR metric methodologies will evolve and may result in different outputs. Funds may change bands as methodologies evolve. Where data is not available, and / or if data changes, the estimation methods vary, particularly those related to a company’s future emissions.


The ITR metric estimates a fund’s alignment with the Paris Agreement temperature goal based on a credibility assessment of stated decarbonization targets. However, there is no guarantee that these estimates will be reached. The ITR metric is not a real time estimate and may change over time, therefore it is prone to variance and may not always reflect a current estimate.


The ITR metric is not an indication or estimate of a fund’s performance or risk. Investors should not rely on this metric when making an investment decision and instead should refer to a fund’s prospectus and governing documents. This estimate and the associated information is not intended as a recommendation to invest in any fund, nor is it intended to indicate any correlation between a fund’s ITR metric and its future investment performance.

All data is from MSCI ESG Fund Ratings as of 21-Jun-2024, based on holdings as of 31-May-2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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 18-Jul-2024
0.00%
MSCI - Nuclear Weapons
as of 18-Jul-2024
0.00%
MSCI - Civilian Firearms
as of 18-Jul-2024
0.00%
MSCI - Tobacco
as of 18-Jul-2024
0.00%
MSCI - UN Global Compact Violators
as of 18-Jul-2024
0.00%
MSCI - Thermal Coal
as of 18-Jul-2024
0.00%
MSCI - Oil Sands
as of 18-Jul-2024
0.00%

Business Involvement Coverage
as of 18-Jul-2024
96.53%
Percentage of Fund not covered
as of 18-Jul-2024
3.47%
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.


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

  • Ireland

  • Liechtenstein

  • Switzerland

Holdings

Holdings

as of 18-Jul-2024
Issuer Weight (%)
JPMORGAN CHASE & CO 3.94
BANK OF AMERICA CORP 3.72
MORGAN STANLEY 2.97
GOLDMAN SACHS GROUP INC/THE 2.72
CITIGROUP INC 2.27
Issuer Weight (%)
HSBC HOLDINGS PLC 1.83
APPLE INC 1.34
ROYAL BANK OF CANADA 1.29
AMERICAN EXPRESS COMPANY 1.26
MITSUBISHI UFJ FINANCIAL GROUP INC 1.26
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
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.

Exposure Breakdowns

Exposure Breakdowns

as of 18-Jul-2024

% of Market Value

Type Fund
as of 18-Jul-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 18-Jul-2024

% of Market Value

Type Fund
as of 18-Jul-2024

% of Market Value

Type Fund
as of 18-Jul-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.

Listings

Listings

Exchange Ticker Currency Listing Date SEDOL Bloomberg Ticker RIC
SIX Swiss Exchange IU0C CHF 26-Feb-2021 BMH5T37 IU0C SE IU0C.S

Literature

Literature