BINC seeks to limit risk and optimize income
Today's high real yields make bonds enticing, but choose wisely. Traditional, long-term bonds have been closely correlated to stocks in recent years, making 'plus' bond sectors1 more attractive.
00:00:00:00 - 00:00:16:00
So the great thing about an unconstrained about a go anywhere flexible fund like this is it's a little like a smorgasbord in that you can look at - fixed income there's 70,000 securities. And so you think about like you can just pick where the best opportunity is and you eliminate the stuff you don't want.
00:00:16:00 - 00:00:30:18
And you keep doing it over and over again. 70,000 securities you think about in the world, there are central banks that are cutting interest rates, there are central banks that are not cutting interest rates. I want to own my interest rate exposure where they're cutting. I want to own the income where it's the most efficient. I want to own it.
00:00:30:19 - 00:00:51:21
In some places I would own it in Euros versus dollars. Put it together consistently in a platform that's optimized in fixed income, and just doing it over and over again. Fixed income is hard. There are, you know, in equities there are not that many expressions in fixed income there. So there's multitude of expressions and the ability to pick what the best one, sort of like you're walking down a buffet table I like that one.
00:00:51:21 - 00:00:56:22
I don't need that one. And then just do it consistently. And build what is functionally the best platter.
00:00:56:23 - 00:01:02:12
Carefully consider the fund's investment objectives, risk factors, and charges and expenses before investing.
00:01:02:12 - 00:01:11:15
This and other information can be found in the fund's prospectuses or, if available, the summary prospectuses, which may be obtained by visiting ishares.com
00:01:11:15 - 00:01:13:19
or blackrock.com.
00:01:13:19 - 00:01:15:25
Read the prospectus carefully before investing.
00:01:15:25 - 00:01:18:12
Past performance does not guarantee future results.
00:01:18:12 - 00:01:21:29
Investing involves risk, including possible loss of principal.
BINC: Find income in new places
Traditional bonds haven't been diversifying portfolios as they should. Get access to hard-to-reach bond sectors with iShares Flexible Income Active ETF (BINC), led by Rick Rieder, 2023 Morningstar Portfolio Manager of the Year.*
BINC performance and fees
BINC seeks to deliver high income with a focus on managing risk—aiming to provide attractive, risk-adjusted income across changing market environments.
5.58%
12-month trailing yield1
4.99%
Subsidized 30 day SEC yield. Unsubsidized 30 day yield is 4.89%2
52%
less volatility than the U.S. Universal Index (5.88% versus 2.85% annualized volatility for BINC3
Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance and standardized performance, click here.
1.As of March 05, 2026.
2.As of January 05, 2026.
3.As of 2/28/2026.
| iShares Flexible Income Active ETF (BINC) fund fees | |
|---|---|
| Net / gross expense ratio | 0.40% / 0.52%† |
| Average Morningstar Multisector Bond Category fee | 1.15% |
†Fund fees as of the current prospectus dated November 27, 2024. The amounts shown may not include extraordinary expenses incurred by the Fund over the past fiscal year. BlackRock Fund Advisors, the investment adviser to the Fund and an affiliate of BlackRock Investments, LLC, has contractually agreed to waive a portion of its management fees through Jun 30, 2027. Please see the Fund’s prospectus for additional details.
Average Morningstar Multisector Bond Category fee is calculated as the mean prospectus net expense ratio from a comparison universe of 355 mutual funds and ETFs from the Morningstar Multisector Bond Category as of 2/28/2026.
Annualized volatility is measured through standard deviation.
BINC: Flexing for income across market environments
Today’s yield environment may offer clients an opportunity to reduce risk and increase yield in their portfolios. Consider BINC as a complement to your core to seek attractive levels of income regardless of the market environment.
Strives to maximize income
BINC's management team seeks to maximize income across a broad range of global fixed income sectors, unconstrained by traditional benchmarks.
Diversified risk
Dynamically rotates risk across "plus sectors" of the fixed income market, like high yield, emerging market debt, collateralized loans and securitized assets, to pursue consistent, high income.
Experienced investment team
BlackRock’s Fundamental Fixed Income team, led by Rick Rieder, combines macro analysis, sector insights, and dedicated risk oversight to pursue income across a full market cycle.
Exposure breakdowns
Fund exposure by sector breakdown as of March 06, 2026.
Allocations subject to change.
Source: BlackRock, as of January 16, 2026.
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 subject to change.
Source: Bloomberg, BlackRock, 5/19/2023 - 2/28/2026.
Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance view the ticker page here. Index performance is for illustrative purposes only and does not reflect any management fees, or expenses. Indexes are unmanaged and one cannot invest directly in an index. Max drawdown defined as largest peak to trough move down in price over any period since BINC inception 5/19/2023.
1.“Plus” sectors refer to fixed income investments that are categorized outside of “Core” sectors (ex. U.S. Treasury bonds) and may come with different risk and return expectations.
*Universal Aggregate Index is represented by the Bloomberg U.S Universal Index. U.S Aggregate Index is represented by the Bloomberg U.S. Aggregate Bond Index.
See how BINC fits in your portfolio
Portfolios may benefit from an even split between core bonds and "plus" sectors with BINC. Upload a portfolio to our portfolio analysis tool, add BINC, and view impact on fees, performance and more.
Video 01:21
BINC is managed by an award-winning manager
Rick Rieder, Chief Investment Officer of Global Fixed Income, and portfolio manager for BINC is a winner of the 2023 Morningstar Award for Investing Excellence, Outstanding Portfolio Manager.*
We aim to bridge the gap between actively managed mutual funds and the benefits of ETFs with iShares active ETFs.
BlackRock’s portfolio managers combine their deep insight and expertise alongside intraday liquidity into a one-ticker solution. Investors can now access these opportunities when they seek broader portfolio diversification and income generation in their quest for alpha.
Innovation, flexibility and expertise combined with the convenience of an ETF.
Like BINC, an active fixed income solution that seeks to provide access to harder-to-reach fixed income sectors through an experienced investment team led by Rick Rieder, Morningstar’s 2023 Outstanding Portfolio Manager.
iShares Active ETFs. Get active today.
Disclosures:
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. The iShares and BlackRock Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2024BIackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iCRMH0924U/S-3707491
Frequently asked questions
BINC ETF is managed by Rick Rieder, BlackRock’s Global Chief Investment Officer for Fixed Income and Morningstar’s 2023 Outstanding Portfolio Manager. Rick leads a highly experienced investment team within BlackRock’s Fundamental Fixed Income platform. The team employs a research-focused approach that combines macro analysis, insights from sector specialist teams, and oversight from dedicated risk managers. This time-tested approach has led to attractive income generation across different market cycles, with clients entrusting over $1.3T with our Global Fixed Income team as of 12/31/25.
BINC ETF is a nimble active ETF that focuses on the “plus sectors,” allocating across high yield (HY), collateralized loan obligations (CLOs), securitized assets, and emerging market debt (EMD). BINC ETF provides direct access to harder-to-reach fixed income sectors through the deep expertise of BlackRock’s Fundamental Fixed Income platform. Its diversified strategy seeks to take advantage of relative value across income-producing sectors in global fixed income markets to help seek superior risk-adjusted yield regardless of market dynamics.
Active ETFs typically offer greater transparency, intraday liquidity, and may be more tax-efficient than other investment vehicles. BlackRock aims to build a comprehensive and complementary investment platform to its existing index ETF and active mutual fund suites, providing clients with a full set of tools to invest based on their preferences. The iShares Flexible Income Active ETF (BINC) strives to meet these needs effectively.
Yields are currently at multi-decade highs, and global central banks are at an inflection point with their monetary policy decisions. Market volatility continues, and many investors are sitting on cash at unprecedented rates. This environment provides attractive opportunities for fixed income investments, as elevated yields might offer a counterbalance in a spread widening scenario. Additionally, elevated dispersion allows for greater relative value opportunities. BINC ETF, an active fixed income ETF, seeks to capitalize on these evolving opportunities across the full multisector fixed income opportunity set.
BINC ETF fits into the income solution portion of the BlackRock bond pyramid. It can be used in a broader fixed income allocation to help clients achieve attractive risk-adjusted yield and as a complement to core exposures. Due to its multisector nature, BINC ETF may also provide greater diversification than holding static allocations to higher-risk sectors like emerging market debt or high yield. As an income focused ETF, BINC offers a flexible approach as it seeks to capture high yield ETF dividends.
BINC ETF offers a very competitive cost with a net expense ratio of 0.40% compared to the Multisector Bond category average of 0.99%. According to the current prospectus, the fees are as follows:
- Management Fee: 0.50%
- Acquired Fund Fees and Expenses: 0.02%
- Other Expenses: 0.00%
- Expense Ratio: 0.52%
- Fee Waivers: 0.12%*
- Net Expense Ratio: 0.40%
*BlackRock Fund Advisors, the investment adviser to the Fund and an affiliate of BlackRock Investments, LLC, has contractually agreed to waive a portion of its management fees through June 30, 2026. Please see the Fund’s prospectus for additional details.
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*Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income, was granted the 2023 Morningstar Award for Investing Excellence: Outstanding Portfolio Manager. https://www.morningstar.com/funds/us-morningstar-awards-investing-excellence-2023-winners
Investing involves risk, including possible loss of principal.
This information must be preceded or accompanied by a current prospectus. Investors should read and consider it carefully before investing.
The Fund is subject to interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments. Securities with floating or variable interest rates may decline in value if their coupon rates do not keep pace with comparable market interest rates. The Fund’s income may decline when interest rates fall because most of the debt instruments held by the Fund will have floating or variable rates.
Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions.
Collateralized Debt Obligations ("CDOs") carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the lack of a readily available secondary market for CDOs. Asset-backed securities are subject to credit, interest rate, call, extension, valuation and liquidity risk and are subject to the risk of default on the underlying asset or mortgage, particularly during periods of economic downturn. Small movements in interest rates may quickly and significantly reduce the value of certain ABS. Mortgage-backed securities ("MBS") and commercial mortgage-backed securities ("CMBS") are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.
Diversification and asset allocation may not protect against market risk or loss of principal.
International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.
A fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund's hedging transactions will be effective.
The Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Diversification and asset allocation may not protect against market risk of loss of principal. Buying and selling shares of ETFs may result in brokerage commissions.
Prepared by BlackRock Investments, LLC, member FINRA.
©2026 BlackRock, Inc. All Rights Reserved. BLACKROCK and iSHARES are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
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