Fixed Income

EMSA

iShares J.P. Morgan ESG $ EM Bond 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: 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

Growth of Hypothetical 10,000

Performance chart data not available for display.
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 15.49 5.51 -2.82 -18.51 9.92
Benchmark (%) 15.94 5.78 -2.35 -18.92 10.26
  From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
Total Return (%)

as of Dec 31, 2023

15.49 5.51 -2.82 -18.51 9.92
Benchmark (%)

as of Dec 31, 2023

15.94 5.78 -2.35 -18.92 10.26
  1Y 3Y 5Y 10y Incept.
8.72 -3.27 0.17 - 0.88
Benchmark (%) 9.07 -3.20 0.35 - 1.11
  YTD 1m 3M 6M 1Y 3Y 5Y 10y Incept.
-0.46 0.72 4.22 5.22 8.72 -9.49 0.86 - 4.89
Benchmark (%) -0.43 0.74 4.28 5.36 9.07 -9.29 1.78 - 6.20
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 USD, 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 Mar 4, 2024 USD 1,266,315,050
Net Assets of Fund as of Mar 4, 2024 USD 2,421,288,582
Inception Date Sep 24, 2018
Fund Inception Date Sep 24, 2018
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Benchmark Index JP Morgan ESG EMBI Global Diversified index
SFDR Classification Article 8
Shares Outstanding as of Mar 4, 2024 240,736,838
Total Expense Ratio 0.45%
ISIN IE00BF553838
Use of Income Accumulating
Securities Lending Return as of Dec 31, 2023 0.04%
Domicile Ireland
Product Structure Physical
Rebalance Freq Monthly
Methodology Sampled
UCITS Compliant Yes
Issuing Company iShares II plc
Fund Manager BlackRock Asset Management Ireland Limited
Administrator State Street Fund Services (Ireland) Limited
Custodian State Street Custodial Services (Ireland) Limited
Fiscal Year End Oct 31, 2022
Bloomberg Ticker EMSA LN

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 1, 2024 766
Benchmark Level as of Mar 4, 2024 USD 129.53
Benchmark Ticker JESGEMGD
Standard Deviation (3y) as of Feb 29, 2024 11.07%
3y Beta as of Feb 29, 2024 1.000
Average Yield to Maturity as of Mar 1, 2024 6.75%
Weighted Avg Coupon as of Mar 1, 2024 4.82%
Weighted Avg Maturity as of Mar 1, 2024 11.59 yrs
Effective Duration as of Mar 1, 2024 6.98 yrs

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 Feb 21, 2024 BB
MSCI ESG % Coverage as of Feb 21, 2024 94.46
MSCI ESG Quality Score (0-10) as of Feb 21, 2024 4.28
MSCI ESG Quality Score - Peer Percentile as of Feb 21, 2024 49.88
Fund Lipper Global Classification as of Feb 21, 2024 Bond Emerging Markets Global HC
Funds in Peer Group as of Feb 21, 2024 429
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Feb 21, 2024 311.57
MSCI Weighted Average Carbon Intensity % Coverage as of Feb 21, 2024 5.56
All data is from MSCI ESG Fund Ratings as of Feb 21, 2024, based on holdings as of Jan 31, 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 Mar 1, 2024 0.00%
MSCI - UN Global Compact Violators as of Mar 1, 2024 0.21%
MSCI - Nuclear Weapons as of Mar 1, 2024 0.00%
MSCI - Thermal Coal as of Mar 1, 2024 0.00%
MSCI - Civilian Firearms as of Mar 1, 2024 0.00%
MSCI - Oil Sands as of Mar 1, 2024 0.00%
MSCI - Tobacco as of Mar 1, 2024 0.00%

Business Involvement Coverage as of Mar 1, 2024 5.09%
Percentage of Fund not covered as of Mar 1, 2024 94.91%
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 0.00% 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

Holdings

Holdings

as of Mar 1, 2024
Issuer Weight (%)
ROMANIA (REPUBLIC OF) 4.02
SAUDI ARABIA (KINGDOM OF) 4.00
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 3.86
HUNGARY (GOVERNMENT) 3.68
PHILIPPINES (REPUBLIC OF) 3.52
Issuer Weight (%)
URUGUAY (ORIENTAL REPUBLIC OF) 3.49
DOMINICAN REPUBLIC (GOVERNMENT) 3.44
COLOMBIA (REPUBLIC OF) 3.32
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 3.22
QATAR (STATE OF) 3.21
Issuer Ticker Name Sector Asset Class Market Value Weight (%) Notional Value Shares Par Value ISIN Price Location Exchange Duration Maturity Coupon (%) Market Currency Effective Date
Holdings are subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Mar 1, 2024

% of Market Value

Type Fund
as of Mar 1, 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 Mar 1, 2024

% of Market Value

Type Fund
as of Mar 1, 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.

  Dec 31, 2013Dec 31, 2014 Dec 31, 2014Dec 31, 2015 Dec 31, 2015Dec 31, 2016 Dec 31, 2016Dec 31, 2017 Dec 31, 2017Dec 31, 2018 From
31-Dec-2018
To
31-Dec-2019
From
31-Dec-2019
To
31-Dec-2020
From
31-Dec-2020
To
31-Dec-2021
From
31-Dec-2021
To
31-Dec-2022
From
31-Dec-2022
To
31-Dec-2023
Securities Lending Return (%) 0.04
Average on-loan (% of AUM) 11.44
Maximum on-loan (% of AUM) 17.59
Collateralisation (% of Loan) 108.78
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 Mar 1, 2024
Ticker Name Asset Class Weight % ISIN SEDOL Exchange Country
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
London Stock Exchange EMSA USD Sep 26, 2018 BF55383 EMSA LN EMSA.L
Euronext Amsterdam EMSA EUR Sep 27, 2018 - EMSA NA ISEMSA.AS
Bolsa Mexicana De Valores EMSALN MXN Jul 1, 2019 BK6K285 EMSALNN MM -
Borsa Italiana EMSA EUR May 28, 2021 BNZFML5 - EMSA.MI
SIX Swiss Exchange EMSA USD Nov 20, 2019 BKTR9F9 - EMSA.S

Literature

Literature