FEATURED ISHARES ETFS
Models & SMAs
Models & SMAs
CLIENT RESOURCES
BlackRock Fixed Income SMAs
BlackRock’s suite of fixed income separately managed accounts (SMAs) helps advisors build personalized portfolios of individual municipal and taxable bonds seeking to meet their clients’ unique needs.
BlackRock’s fixed income SMAs
Explore BlackRock’s full platform of fixed income SMAs to address your clients’ needs.
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Municipal fixed income
Active:
| Short-Term Municipal | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Intermediate Municipal | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Long-Term Municipal | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Municipal Opportunities | Fact Sheet | Sample Portfolio | GIPS Composite Report |
Laddered:
| Municipal Ladder 1-5 year | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Municipal Ladder 1-10 year | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Municipal Ladder 5-15 year | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Municipal Ladder 10-20 year | Fact Sheet | Sample Portfolio | GIPS Composite Report |
Taxable fixed income
Active:
| Short-Term Taxable | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Intermediate Taxable | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Fundamental Core Taxable | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Short Duration | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Core Bond | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Global Fixed Income | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Government/Corporate Taxable | Fact Sheet | Sample Portfolio | GIPS Composite Report |
Laddered:
| Corporate Ladder 1-5 year | Fact Sheet | Sample Portfolio | GIPS Composite Report |
| Corporate Ladder 1-10 year | Fact Sheet | Sample Portfolio | GIPS Composite Report |
Why SMAs for fixed income investors?
A fixed income SMA is a portfolio of individual bonds that blends the benefits of direct ownership and institutional asset management. The unique structure of an SMA can provide benefits to both advisors and their clients.
Personalize your fixed income with BlackRock SMAs
BlackRock is a leader in the fixed income SMA industry, managing over $70B in client assets.1 Our platform offers a scalable process to help advisors build personalized bond portfolios for their clients.
Scale matters when trading municipal bonds
BlackRock generally trades on the financial market to purchase bonds for clients at a larger scale, potentially benefiting investors with lower transaction costs and greater access to inventory.
BlackRock customizes fixed income SMAs across five dimensions
BlackRock fixed income SMAs offer a range of enhanced customization capabilities seeking to deliver personalized solutions for advisors and their clients.
FAQ's
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Not all bonds are created equal. Some of the key differences between municipal and taxable bonds include the issuer and type of projects that will be funded, risk profile, yields and tax implications. It is important to consider the potential benefits and risks of each when deciding the best option for your specific situation.
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Taxes vary according to the type of bond you own. Tax-equivalent yield is the return calculation that puts a taxable and tax-exempt bond on equal footing. To calculate tax-equivalent yield, divide the municipal (tax-free) yield by 100% minus the investor’s tax bracket. This formula helps in comparing municipal and taxable bonds.
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Bonds typically pay interest on a semiannual basis, or every 6-months.
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- Fixed Income
- Bonds / Fixed Income
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Bonds / Fixed Income
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By BlackRockMany cash investors share the same objectives. How you get there can be driven by your unique circumstances.
Explore more
© 2023 BlackRock, Inc. All rights reserved.
1 Based on AUM. Source: https://www.swfinstitute.org/fund-manager-rankings/asset-manager
2 For clients with accounts greater than $1 million (add after Meet your PM)
3 Transaction price data obtained from Municipal Securities Rulemaking Board (MSRB) as of 08/01/2022. BlackRock analyzed prices for 3,427,725 municipal market transactions that occurred on the secondary market between April 1, 2022 and June 30, 2022. Dealer-to-dealer transactions were excluded from the analysis because they do not involve clients. Primary market (new issue) transactions also were excluded because their transaction costs typically are borne by the issuer through the underwriting process. Variable rate demand note (VRDNs) transactions were excluded because VRDNs are short-term securities that lack an active secondary market. The “spread” for a municipal bond typically is defined as the difference between the price that investors are willing to pay a dealer for the bond and the price at which a dealer can obtain that same bond from investors. Municipal market spreads are difficult to calculate because many municipal bonds are thinly traded resulting in limited public pricing information. For purposes of this analysis, BlackRock estimated municipal bond spreads by calculating the difference in price of the closest-in-time buy and sell transactions occurring on the same day for the same security. Buy (or sell) transactions that did not have a corresponding sell (or buy) transaction on the same day were excluded (because the spread calculated from using buy and sell transactions occurring on different days may not be representative due to the impact on transaction prices caused by market volatility and/or changes in interest rates that may occur over longer periods of time). BlackRock calculated spreads using closest-in time buy and sell transactions to minimize the effect of intra-day market movements on the execution prices.
Investing involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns. Actual investment outcomes may vary. Stock and bond values fluctuate in price so the value of your investment can go down depending upon market conditions. Two significant 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 make principal and interest payments. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. A portion of the income may be taxable. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. Municipal securities may not be suitable for all investors. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. No representation is being made that any account, product, or strategy will or is likely to achieve profits. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. You should consult your tax or legal advisor regarding such matters. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
©2023 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK and APERIO are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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