Fixed Income

O9P / QL3

iShares USD Asia High Yield Bond ETF

IMPORTANT: Investment involves risk, including the loss of principal. Investors are advised to consider their own investment objectives and circumstances in determining the suitability of an investment in this Fund. An investment in this Fund may not be suitable for everyone. If you are in any doubt, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent financial advice. Investors should refer to the Fund prospectus for further details, including the product features and risk factors. Investors should not base on this marketing material alone to make investment decisions. Investors should note:
• Generally, investments in emerging markets are subject to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, lack of regulation, greater risk of market shutdown and more governmental limitations on foreign investment policy than typically found in developed markets.
• Prices on the SGX are based on secondary market trading factors and may deviate significantly from the net asset value of the Fund.

Overview

Estimated NAV is indicative only and is provided on a delayed basis by ICE Data Services.
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Performance

Performance

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Distributions

Ex-Date Payable Date Distribution
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  1y 3y 5y 10y Incept.
-31.03 -10.78 -4.98 0.79 1.94
Benchmark (%)

as of 31-Jul-2022

-30.35 -10.12 -4.41 1.22 2.39
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-23.87 -4.08 -13.60 -21.04 -31.03 -28.98 -22.55 8.24 22.70
Benchmark (%)

as of 31-Jul-2022

-23.16 -3.81 -13.20 -20.36 -30.35 -27.40 -20.17 12.84 28.63
  2017 2018 2019 2020 2021 YTD
Total Return (%) 6.23 -3.66 13.55 4.76 -12.95 -23.87
Benchmark (%) 6.53 -3.21 13.79 5.61 -12.60 -23.16
Represents performance figures for each year ended 31 December, unless otherwise stated.

Performance is calculated on a single pricing basis (NAV to NAV) in USD and assumes dividend reinvestment. Change indicates the change since the previous business day. Refer to the Prospectus for more information on determination of Net Asset Value.

Past performance may not be repeated and is no guide for future performance or returns. Performance is calculated on a single pricing basis (NAV to NAV) in base currency, inclusive of all transaction fees and assumes dividend reinvestment. Index returns are for illustrative purposes only and do not represent actual iShares Funds or iShares Trusts performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Key Facts

Key Facts

Net Assets as of 18-Aug-2022 USD 1,766,969,373
Shares Outstanding as of 18-Aug-2022 276,469,879
Base Currency U.S. Dollar
Inception Date 05-Dec-2011
Exchange Singapore Exchange
Asset Class Fixed Income
Methodology Sampled
Domicile Singapore
Use of Income Distributing
Benchmark Bloomberg Asia USD High Yield Diversified Credit Index
Bloomberg Total Return Index Ticker BAHDTRUU
Distribution Frequency Quarterly
Benchmark Rebalance Frequency Monthly
Management Fee 0.50%
Past performance is not indicative of future performance. Index returns are for illustrative purposes only and do not represent any actual iShares fund performance. Index returns do not reflect any management fees, transaction costs or expenses. An index is unmanaged and one cannot invest directly in an index. Change indicates the change since the previous business day's closing index level. Source: Bloomberg

Portfolio Characteristics

Portfolio Characteristics

Benchmark Level as of 18-Aug-2022 USD 147.03
Benchmark Ticker BAHDTRUU
Weighted Avg YTM as of 18-Aug-2022 12.61%
Weighted Avg Coupon as of 18-Aug-2022 4.91%
Effective Duration as of 18-Aug-2022 3.11yrs
Weighted Avg Maturity as of 18-Aug-2022 4.85yrs
Standard Deviation (3yr) as of 31-Jul-2022 3.49
Option Adjusted Spread as of 18-Aug-2022 914.32

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-Jul-2022 BBB
MSCI ESG % Coverage as of 21-Jul-2022 85.87
MSCI ESG Quality Score (0-10) as of 21-Jul-2022 4.35
MSCI ESG Quality Score - Peer Percentile as of 21-Jul-2022 28.04
Fund Lipper Global Classification as of 21-Jul-2022 Bond Asia Pacific HC
Funds in Peer Group as of 21-Jul-2022 107
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of 21-Jul-2022 689.19
MSCI Weighted Average Carbon Intensity % Coverage as of 21-Jul-2022 75.64
MSCI Implied Temperature Rise (0-3.0+ °C) as of 21-Jul-2022 > 3.0° C
MSCI Implied Temperature Rise % Coverage as of 21-Jul-2022 69.95

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-Jul-2022, based on holdings as of 30-Jun-2022. 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 18-Aug-2022 0.00%
MSCI - UN Global Compact Violators as of 18-Aug-2022 0.00%
MSCI - Nuclear Weapons as of 18-Aug-2022 0.00%
MSCI - Thermal Coal as of 18-Aug-2022 3.95%
MSCI - Civilian Firearms as of 18-Aug-2022 0.00%
MSCI - Oil Sands as of 18-Aug-2022 0.00%
MSCI - Tobacco as of 18-Aug-2022 0.00%

Business Involvement Coverage as of 18-Aug-2022 40.38%
Percentage of Fund not covered as of 18-Aug-2022 59.62%
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 6.25% 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.

Holdings

Holdings

as of 18-Aug-2022
Name Weight (%)
As a percentage of market value
Ticker Name Weight (%) Price Market Value Notional Value ISIN Coupon (%) Maturity Moody's Rating S&P Rating Barcap Rating Location Currency YTM (%) Duration
Total allocation percentages shown in the All Holdings tables may not equal 100% due to rounding.
as of 18-Aug-2022
Ticker Name Weight (%) Price Market Value ISIN Coupon Maturity Moody's Rating S&P Rating Location Sector Currency
Not Rated is assigned by the rating agencies to unrated issues

Other indicates neither an official nor valid rating from the rating agencies are available



Information on Credit Quality criteria for inclusion in the index

Investors are advised to refer to the latest Sovereign Ratings of the countries available from S&P and Fitch for an updated and comprehensive view on the credit profile of the index

The attributes for the index constituents and the fund holdings are from different sources and thus may use different classifications and may not be the same.

The information shown in the Top Constituents section are updated daily except Maturity and Credit Ratings. Maturity and Credit Ratings are month end information and are refreshed approximately on the fifth day of each month.
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.

Exposure Breakdowns

Exposure Breakdowns

as of 18-Aug-2022

% of Weight

Type Fund Benchmark Net
as of 18-Aug-2022

% of Weight

Type Fund Benchmark Net
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. Bonds are included in US bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer. 
as of 17-Aug-2022

% of Weight

Type Fund Benchmark Net
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.
as of 18-Aug-2022

% of Weight

Type Fund Benchmark Net
As a percentage of market value.

Participating Dealers

Participating Dealers

ABN AMRO Clearing Bank NV Singapore Branch
BNP PARIBAS Securities Services, Singapore Branch
Citigroup Global Markets Singapore Securities Pte Ltd
Credit Suisse Securities (Singapore) Limited
Flow Traders Hong Kong Limited
Goldman Sachs Futures Pte Ltd
The Hongkong and Shanghai Banking Corporation Limited
Jane Street Financial Limited
Merrill Lynch (Singapore) Pte. Ltd.
Phillip Securities Pte Ltd
UBS Securities Pte Ltd

Ratings

Pricing & Exchange

Pricing & Exchange

Ticker Exchange Currency Listing Date Premium Discount Premium Discount As Of NAV NAV Amount Change NAV % Change NAV As Of Closing Price ISIN Closing Price $ Change Closing Price Change(%) Price As Of 20d Avg Volume Exchange Volume Bloomberg Ticker Bloomberg IOPV Bloomberg INAV Bloomberg Shares Out. SEDOL RIC Trading Board Lot
O9P XSES U.S. Dollar 08-Dec-2011 -0.33 18-Aug-2022 6.39 -0.03 -0.51 18-Aug-2022 6.39 SG2D83975482 0.02 0.31 19-Aug-2022 83,668.00 10,000.00 AHYG SP O9PNAV O9PIV O9PSHO B6XDTQ6 AHYG.SI 1.00
QL3 XSES Singapore Dollar 08-Dec-2011 - - - - - - 8.90 SG2D83975482 0.05 0.56 19-Aug-2022 11,950.00 970.00 AHYGS SP - O9PIV O9PSHO B6XDTQ6 AHYG-D.SI 1.00

Documents

Documents