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WHO WE ARE

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2019, the firm managed approximately $6.96 trillion in assets on behalf of investors worldwide.

Our Company and Sites

MBB

iShares MBS ETF

Fixed Income

MBB

iShares MBS ETF

Overview

Why MBB?

1. Exposure to broad range of U.S. mortgage-backed bonds, including those issued by government sponsored enterprises such as Ginnie Mae, Fannie Mae, and Freddie Mac

 

2. Access to the domestic mortgage-backed bond market in a single fund

 

3. Use to seek income

INVESTMENT OBJECTIVE

The iShares MBS ETF (MBB) seeks to track the investment results of an index composed of investment-grade mortgage-backed pass-through securities issued and/or guaranteed by U.S. government agencies.
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Performance

Performance

  • Returns

  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 5.64 0.05 1.40 3.37 7.82 6.70 13.86 33.69 57.23
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). 5.62 0.06 1.39 3.35 7.81 6.64 13.82 33.60 57.21
Benchmark (%) Index: Bloomberg Barclays US Mortgage Backed Securities Index 5.60 0.07 1.37 3.36 7.80 7.13 14.80 36.23 63.32
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. 4.77 -0.05 1.10 2.75 6.58 3.20 7.92 20.09 36.08
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. 3.32 0.03 0.83 1.99 4.60 3.55 7.83 19.67 34.16
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 6.16 1.28 1.28 2.37 0.81
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). 6.30 1.18 1.23 2.51 0.80
Benchmark (%) Index: Bloomberg Barclays US Mortgage Backed Securities Index 6.08 1.51 1.67 2.47 0.99
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.
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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Ex-Date Total Distribution Income
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Distributions Schedule
Record Date Ex-Date Payable Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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Key Facts

Key Facts

Net Assets as of Oct 15, 2019 $19,114,171,934
Inception Date Mar 13, 2007
Exchange NASDAQ
Asset Class Fixed Income
Benchmark Index Bloomberg Barclays US Mortgage Backed Securities Index
Bloomberg Index Ticker LUMSTRUU
Shares Outstanding as of Oct 15, 2019 177,000,000
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. as of Oct 11, 2019 1,656
Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. as of Oct 14, 2019 0.05%
CUSIP 464288588
Closing Price as of Oct 14, 2019 108.05
Mid-Point Price The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm eastern time for most funds). as of Oct 14, 2019 108.09
Options Available Yes
20 Day Avg. Volume The average number of shares traded in a security across all U.S. exchanges over the last 20 trading days. as of Oct 15, 2019 1,291,327.95
Daily Volume The number of shares traded in a security across all U.S. exchanges on the date indicated. as of Oct 14, 2019 437,279.00
NAIC Designated (Schedule D Eligible)

Portfolio Characteristics

Portfolio Characteristics

Equity Beta (3y) Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security&#39;s price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. S&amp;P 500 as of Sep 30, 2019 -0.04
Standard Deviation (3y) Standard deviation measures how dispersed returns are around the average. A higher standard deviation indicates that returns are spread out over a larger range of values and thus, more volatile. as of Sep 30, 2019 2.52%
Distribution Yield The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It’s calculated by annualizing the most recent distribution and dividing by the fund’s net asset value (NAV) from the as-of date. as of Oct 14, 2019 3.16%
12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. as of Oct 14, 2019 2.81%
30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund&#39;s expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Oct 14, 2019 2.67%
Unsubsidized 30-Day SEC Yield Represents what a fund&#39;s 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of Oct 14, 2019 2.67%
Weighted Avg Coupon The average coupon rate of the underlying bonds in the fund, weighted by each bond&#39;s face value. as of Oct 11, 2019 3.69%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Oct 11, 2019 2.34 yrs
Weighted Avg Maturity The average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date. as of Oct 11, 2019 4.94 yrs
Convexity Convexity measures the change in duration for a given change in rates. Positive convexity indicates that duration lengthens when rates fall and contracts when rates rise; negative convexity indicates that duration contracts when rates fall and increases when rates rise. as of Oct 11, 2019 -1.65
Option Adjusted Spread The weighted average incremental yield earned over similar duration US Treasuries, measured in basis points. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date. as of Oct 11, 2019 51
Average Yield to Maturity The discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average Yield to Maturity is the weighted average of the fund’s individual bond holding yields based on Net Asset Value (‘NAV’). The measure does not include fees and expenses. For callable bonds, this yield is the yield-to-worst. as of Oct 11, 2019 2.54%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Management Fee 0.07%
Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund&#39;s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.01%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio As stated in the Fund’s current prospectus. 0.08%
Fee Waivers 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 Feb 29, 2024. Please see the Fund’s prospectus for additional details. 0.01%
Net Expense Ratio 0.07%
on Sep 30, 2019
Management Fee The Fund’s management fee is subject to breakpoints that are tied to aggregate assets under management across certain groups of iShares ETFs. Breakpoints take effect immediately after asset levels change. On any given day the management fee, and thus the Expense Ratio, may be higher or lower than what is shown in the Fund’s prospectus. For additional information on fees and expenses, please see the Fund’s prospectus. 0.07%
Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund&#39;s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio The Expense Ratio reflects the Fund’s management fee, and any applicable acquired fund fees and expenses, and foreign taxes and other expenses, calculated on the date set forth above. On any given day these fees may be higher or lower than what is shown in the Fund&#39;s prospectus. 0.07%

Holdings

Holdings

as of Oct 11, 2019
Issuer Weight (%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION 42.80
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 25.79
FEDERAL HOME LOAN MORTGAGE CORPORATION 13.18
Issuer Weight (%)
FEDERAL HOME LOAN MORTGAGE CORPORATION -GOLD 9.60
UNIFORM MBS 4.37
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 1.99
ISIN Name Sector SEDOL Market Value Weight (%) Price Maturity Coupon (%) Duration Notional Value YTM (%) Yield to Call (%) Yield to Worst (%) Par Value
Most transactions in fixed-rate mortgage pass-through securities occur through the use of "to-be-announced" or "TBA" transactions. The Fund regularly enters into TBA agreements. The Fund invests cash pending settlement of any TBA transactions in money market instruments, repurchase agreements or other high-quality, liquid short-term instruments, including money market funds advised by BFA, which are not included in the holdings shown.

Name Asset Class Weight (%) Price Market Value Notional Value Sector SEDOL ISIN Coupon (%) Maturity YTM (%) Yield to Call (%) Yield to Worst (%) Duration Par Value
Most transactions in fixed-rate mortgage pass-through securities occur through the use of "to-be-announced" or "TBA" transactions. The Fund regularly enters into TBA agreements. The Fund invests cash pending settlement of any TBA transactions in money market instruments, repurchase agreements or other high-quality, liquid short-term instruments, including money market funds advised by BFA, which are not included in the holdings shown.

Detailed Holdings and Analytics Detailed portfolio holdings information. Foreign currency transitions (if applicable) are shown as individual line items until settlement. Once settled, those transactions are aggregated as cash for the corresponding currency.
Holdings are subject to change.

Exposure Breakdowns

Exposure Breakdowns

as of Oct 11, 2019

% of Market Value

Type Fund
as of Oct 11, 2019

% of Market Value

Type Fund
The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of Oct 11, 2019

% 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.
Where bond ETFs are going is important
It took 17 years for global bond ETF assets to reach $1 trillion. BlackRock believes assets will double, to $2 trillion, by 2024.

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Literature

Literature

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