Fixed Income

iShares US Corporate Bond Index Fund (IE)

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.

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Performance

Performance

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Distributions

Record Date Ex-Date Payable Date
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This chart shows the fund's performance as the percentage loss or gain per year over the last 5 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Return (%) 5.7 -1.6 13.3 9.6 -1.0
Benchmark (%) 5.7 -1.7 13.0 9.4 -1.0
  From
30-Jun-2017
To
30-Jun-2018
From
30-Jun-2018
To
30-Jun-2019
From
30-Jun-2019
To
30-Jun-2020
From
30-Jun-2020
To
30-Jun-2021
From
30-Jun-2021
To
30-Jun-2022
Total Return (%)

as of 30-Jun-22

-0.62 10.17 9.18 3.26 -13.25
Benchmark (%)

as of 30-Jun-22

-0.72 9.94 9.04 3.14 -13.34
  1y 3y 5y 10y Incept.
-13.89 -1.78 1.14 - 1.34
Benchmark (%) -14.05 -1.94 1.01 - 1.23
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-13.10 -2.58 -2.27 -8.61 -13.89 -5.26 5.85 - 8.47
Benchmark (%) -13.18 -2.45 -2.30 -8.68 -14.05 -5.72 5.17 - 7.73

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

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. 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 28-Sep-22 USD 27,950,516
Net Assets of Fund as of 27-Sep-22 USD 1,155,286,437
Inception Date 26-Jul-16
Fund Launch Date 01-Sep-00
Share Class Currency USD
Base Currency USD
Asset Class Fixed Income
Benchmark Index FTSE Euro Dollar Bond Index
Index Ticker -
SFDR Classification Other
Initial Charge 0.00%
Ongoing Charges Figures 0.03%
Annual Management Fee 0.00%
Performance Fee 0.00%
Minimum Initial Investment USD 500,000.00
Minimum Subsequent Investment -
Distribution Frequency Semi-Annual
Use of Income Distributing
Domicile Ireland
Regulatory Structure UCITS
Management Company BlackRock Asset Management Ireland Limited
Morningstar Category USD Corporate Bond
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Bloomberg Ticker BUSCFUD
ISIN IE00BYQQ0Z40
SEDOL BYQQ0Z4

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of 31-Aug-22 4676
12m Trailing Yield as of 31-Aug-22 3.64
Standard Deviation (3y) as of 31-Aug-22 7.38%
3y Beta as of 31-Aug-22 1.006
Yield to Maturity as of 31-Aug-22 4.73
Modified Duration as of 31-Aug-22 6.97
Weighted Average YTM as of 31-Aug-22 4.72%
Effective Duration as of 31-Aug-22 6.86
Weighted Avg Maturity as of 31-Aug-22 10.49
WAL to Worst as of 31-Aug-22 10.49

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-Sep-22 AA
MSCI ESG % Coverage as of 21-Sep-22 96.87
MSCI ESG Quality Score (0-10) as of 21-Sep-22 8.13
MSCI ESG Quality Score - Peer Percentile as of 21-Sep-22 41.37
Fund Lipper Global Classification as of 21-Sep-22 Bond USD Corporates
Funds in Peer Group as of 21-Sep-22 278
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Sep-22 269.52
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Sep-22 87.98
MSCI Implied Temperature Rise (0-3.0+ °C) as of 21-Sep-22 > 2.5° - 3.0° C
MSCI Implied Temperature Rise % Coverage as of 21-Sep-22 73.99

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.

Climate change is one of the greatest challenges in human history and will have profound implications for investors. 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. Scientific consensus suggests that reducing emissions until they reach net zero around mid-century (2050-2070) is how this goal could be met. A net zero emissions economy is one that balances emissions and removals.


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. 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. 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-Sep-22, based on holdings as of 31-May-22. 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch.

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 31-Aug-22 0.95%
MSCI - UN Global Compact Violators as of 31-Aug-22 0.69%
MSCI - Nuclear Weapons as of 31-Aug-22 0.71%
MSCI - Thermal Coal as of 31-Aug-22 0.00%
MSCI - Civilian Firearms as of 31-Aug-22 0.00%
MSCI - Oil Sands as of 31-Aug-22 0.29%
MSCI - Tobacco as of 31-Aug-22 0.78%

Business Involvement Coverage as of 31-Aug-22 87.73%
Percentage of Fund not covered as of 31-Aug-22 12.27%
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 0.36% and for Oil Sands 2.05%.

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.

Risk Indicator

Risk Indicator

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Low Risk High Risk
Typically low rewards Typically high rewards

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for iShares US Corporate Bond Index Fund (IE), Flex, as of 31-Aug-22 rated against 281 USD Corporate Bond Funds.

Holdings

Holdings

as of 31-Aug-22
Name Weight (%)
FNMA BENCHMARK NOTE 7.25 05/15/2030 0.18
INTERNATIONAL BANK FOR RECONSTRUCT MTN 2.5 07/29/2025 0.17
HCA INC 144A 3.125 03/15/2027 0.16
INTERNATIONAL BANK FOR RECONSTRUCT 2.5 03/19/2024 0.16
BANK OF AMERICA CORP (FXD-FRN) MTN 3.384 04/02/2026 0.16
Name Weight (%)
INTERNATIONAL BANK FOR RECONSTRUCT MTN 1.625 11/03/2031 0.15
FEDERAL HOME LOAN BANKS 0.5 04/14/2025 0.15
CVS HEALTH CORP 4.3 03/25/2028 0.13
KFW 2.5 11/20/2024 0.13
WELLS FARGO & COMPANY MTN 3.35 03/02/2033 0.12
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of 31-Aug-22

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-22

% of Market Value

Type Fund Benchmark Net
as of 31-Aug-22

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN TIS
Flex USD Semi-Annual 8.47 0.08 1.00 28-Sep-22 10.64 8.39 IE00BYQQ0Z40 -
Inst USD None 15.93 -0.16 -0.98 27-Sep-22 19.57 15.93 IE00B1W4R501 -
Flex USD None 25.93 -0.26 -0.98 27-Sep-22 31.82 25.93 IE0000407050 -
Class D Acc EUR None 12.42 0.11 0.90 28-Sep-22 12.84 11.69 IE00BDZRPS94 -
Class D USD None 10.27 -0.10 -0.98 27-Sep-22 12.61 10.27 IE00BD0NC706 -
Class Flexible Hedged EUR None 9.05 -0.10 -1.04 27-Sep-22 11.33 9.05 IE00BYVZVL92 -
Flex GBP - 9.36 -0.09 -0.99 27-Sep-22 10.24 9.36 IE0003NA3WI1 -
Inst Hedged EUR - 8.54 -0.09 -1.04 27-Sep-22 10.69 8.54 IE00BL6VHD58 -

Portfolio Managers

Portfolio Managers

Darren Wills
Darren Wills

Literature

Literature