Fixed Income

ERNS

iShares £ Ultrashort Bond UCITS ETF

  • NAV as of 30-Oct-2024 GBP 102.43
    52 WK: 100.35 - 103.19
  • 1 Day NAV Change as of 30-Oct-2024 -0.01 (-0.01%)
  • NAV Total Return as of 30-Oct-2024 YTD: 4.58
  • Weighted Average YTM as of 30-Oct-2024 5.27%

Overview

WHY ERNS?

  1. Diversified exposure to very short maturity fixed and floating rate bonds issued in GBP
  2. Direct investment in corporate bonds across sectors (industrials, utilities and financial companies) as well as in quasi-government bonds
  3. GBP denominated investment grade bond exposure

INVESTMENT OBJECTIVE

The Fund seeks to track the performance of an index composed of Sterling denominated investment grade corporate bonds and quasi-government bonds.

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: The value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. 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. 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.

Important Notice: Please note that with effect from 5th March 2015, the iShares £ Ultrashort Bond UCITS ETF’s TER was temporarily discounted from 0.20% to 0.09%, this temporary discount is now a permanent TER reduction.

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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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.

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution
For more information: +353 1 612 3394 • www.blackrock.com • investor.services@blackrock.com

This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 0.7 0.7 0.9 0.6 0.6 1.2 0.9 0.2 1.2 4.9
Benchmark (%) 0.9 0.7 0.9 0.6 0.7 1.2 0.9 0.2 1.2 4.8
  From
30-Sept-2019
To
30-Sept-2020		 From
30-Sept-2020
To
30-Sept-2021		 From
30-Sept-2021
To
30-Sept-2022		 From
30-Sept-2022
To
30-Sept-2023		 From
30-Sept-2023
To
30-Sept-2024
Total Return (%)

as of 30-Sept-2024

1.00 0.30 0.19 4.41 5.70
Benchmark (%)

as of 30-Sept-2024

1.03 0.32 0.27 4.36 5.64
  1y 3y 5y 10y Incept.
Total Return (%) 5.70 3.41 2.29 1.53 1.46
Benchmark (%) 5.64 3.40 2.30 1.55 1.49
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 4.16 0.43 1.34 2.70 5.70 10.58 12.01 16.42 17.22
Benchmark (%) 4.15 0.45 1.32 2.69 5.64 10.54 12.04 16.65 17.65

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 GBP, hedged share class benchmark performance is displayed in GBP.

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 30-Oct-2024
GBP 1,090,189,992
Share Class launch date
16-Oct-2013
Share Class Currency
GBP
Asset Class
Fixed Income
SFDR Classification
Other
Total Expense Ratio
0.09%
Distribution Frequency
Semi-Annual
Securities Lending Return
as of 30-Jun-2024
0.01%
Product Structure
Physical
Methodology
Sampled
Issuing Company
iShares IV plc
Administrator
State Street Fund Services (Ireland) Limited
Fiscal Year End
31 May
Net Assets of Fund
as of 30-Oct-2024
GBP 1,090,189,992
Fund Launch Date
16-Oct-2013
Fund Base Currency
GBP
Benchmark Index
Markit iBoxx GBP Liquid Investment Grade Ultrashort Index
Shares Outstanding
as of 30-Oct-2024
10,643,271
ISIN
IE00BCRY6441
Use of Income
Distributing
Domicile
Ireland
Rebalance Frequency
Monthly
UCITS Compliant
Yes
Fund Manager
BlackRock Asset Management Ireland Limited
Custodian
State Street Custodial Services (Ireland) Limited
Bloomberg Ticker
ERNS LN

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 30-Oct-2024
173
Benchmark Ticker
IBXXUSG1
Standard Deviation (3y)
as of 30-Sept-2024
0.71%
Weighted Average YTM
as of 30-Oct-2024
5.27
Weighted Avg Maturity
as of 30-Oct-2024
0.89
Benchmark Level
as of 30-Oct-2024
GBP 118.24
12 Month Trailing Dividend Distribution Yield
as of 30-Oct-2024
5.26
3y Beta
as of 30-Sept-2024
1.021
Weighted Avg Coupon
as of 30-Oct-2024
3.68
Effective Duration
as of 30-Oct-2024
0.20

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-Sept-2024
AA
MSCI ESG Quality Score (0-10)
as of 21-Sept-2024
7.82
Fund Lipper Global Classification
as of 21-Sept-2024
Bond GBP Short Term
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 21-Sept-2024
13.92
MSCI ESG % Coverage
as of 21-Sept-2024
95.63
MSCI ESG Quality Score - Peer Percentile
as of 07-Apr-2021
97.62
Funds in Peer Group
as of 21-Sept-2024
26
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Sept-2024
94.26
All data is from MSCI ESG Fund Ratings as of 21-Sept-2024, based on holdings as of 31-Aug-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 30-Oct-2024
0.00%
MSCI - Nuclear Weapons
as of 30-Oct-2024
0.00%
MSCI - Civilian Firearms
as of 30-Oct-2024
0.00%
MSCI - Tobacco
as of 30-Oct-2024
0.05%
MSCI - UN Global Compact Violators
as of 30-Oct-2024
0.00%
MSCI - Thermal Coal
as of 30-Oct-2024
0.00%
MSCI - Oil Sands
as of 30-Oct-2024
0.00%
Business Involvement Coverage
as of 30-Oct-2024
86.53%
Percentage of Fund not covered
as of 30-Oct-2024
13.47%
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 0.52%.

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

  • Italy

  • Portugal

  • Saudi Arabia

  • Singapore

  • United Kingdom

Holdings

Holdings

as of 30-Oct-2024
Issuer Weight (%)
KFW 4.09
EUROPEAN INVESTMENT BANK 4.01
BANK OF NOVA SCOTIA 3.92
SANTANDER UK PLC 3.90
BANK OF MONTREAL 3.87
Issuer Weight (%)
CANADIAN IMPERIAL BANK OF COMMERCE 3.65
ROYAL BANK OF CANADA 3.54
NATIONAL AUSTRALIA BANK LTD 3.35
ASIAN DEVELOPMENT BANK 2.64
NORTH-RHINE WESTPHALIA STATE OF 2.47
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 30-Oct-2024

% of Market Value

Type Fund
as of 30-Oct-2024

% of Market Value

Type Fund
as of 30-Oct-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-Jun-2014
To
30-Jun-2015		 From
30-Jun-2015
To
30-Jun-2016		 From
30-Jun-2016
To
30-Jun-2017		 From
30-Jun-2017
To
30-Jun-2018		 From
30-Jun-2018
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30-Jun-2019		 From
30-Jun-2019
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30-Jun-2020		 From
30-Jun-2020
To
30-Jun-2021		 From
30-Jun-2021
To
30-Jun-2022		 From
30-Jun-2022
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30-Jun-2023		 From
30-Jun-2023
To
30-Jun-2024
Securities Lending Return (%) 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.01
Average on-loan (% of AUM) 2.99 3.16 3.05 2.96 3.73 5.20 5.19 3.00
Maximum on-loan (% of AUM) 5.09 6.28 7.47 6.90 5.44 8.45 9.80 5.25
Collateralisation (% of Loan) 107.13 106.49 106.76 106.67 104.00 105.62 104.73 105.89
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 30-Oct-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
London Stock Exchange ERNS GBP 17-Oct-2013 BCRY644 ERNS LN ERNS.L

Literature

Literature