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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

FIBR

iShares Edge U.S. Fixed Income Balanced Risk ETF

Fixed Income

FIBR

iShares Edge U.S. Fixed Income Balanced Risk ETF

Overview

Why FIBR?

1. Seeks to generate income through a diversified portfolio of U.S. bonds, balancing interest rate and credit risk to provide risk-adjusted total return

 

2. Aims to protect against rising rates by reducing the portfolio’s potential for concentrated interest rate risk

 

3. Introduces a smart beta solution to fixed income through a low cost, transparent, rules based strategy

INVESTMENT OBJECTIVE

The iShares Edge U.S. Fixed Income Balanced Risk ETF seeks to track the investment results of an index, composed of taxable U.S. dollar-denominated bonds and U.S. Treasury futures, which targets an equal allocation between interest rate and credit spread risk.

On February 5, 2018 the iShares Edge U.S. Fixed Income Balanced Risk ETF was reorganized from an actively managed exchange traded fund ("ETF") to a passively managed or index ETF. Any data prior to this date is related to the fund before the reorganization.
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Performance

Performance

  • Returns

  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. The fund’s total returns prior to 2/5/18 are the returns of the fund that followed a different investment objective. - - 5.32 3.85 -1.02
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). The fund’s market price returns prior to 2/5/18 are the returns of the fund that followed a different investment objective. - - 4.77 3.84 -0.68
Benchmark (%) Index: Bloomberg Barclays U.S. Fixed Income Balanced Risk Index. On 2/5/18 the fund was reorganized from an actively managed ETF to an index ETF. - - 5.42 3.98 -0.63
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 16, 2019 $141,706,923
Inception Date Feb 24, 2015
Exchange Cboe BZX formerly known as BATS
Asset Class Fixed Income
Benchmark Index Bloomberg Barclays U.S. Fixed Income Balanced Risk Index
Bloomberg Index Ticker FBRTTRUU
Shares Outstanding as of Oct 16, 2019 1,400,000
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. as of Oct 16, 2019 820
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 16, 2019 0.06%
CUSIP 46435U796
Closing Price as of Oct 16, 2019 101.28
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 16, 2019 101.28
Options Available No
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 17, 2019 9,753.45
Daily Volume The number of shares traded in a security across all U.S. exchanges on the date indicated. as of Oct 16, 2019 2,899.00

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 0.07
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 2.61%
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 16, 2019 3.34%
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 16, 2019 3.48%
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 16, 2019 2.84%
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 16, 2019 2.84%
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 16, 2019 4.40%
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 16, 2019 2.60 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 16, 2019 4.96 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 16, 2019 -1.10
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 16, 2019 129
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 16, 2019 3.06%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Holdings

Holdings

as of Oct 16, 2019
Issuer Weight (%)
UNIFORM MBS 19.35
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 10.16
FEDERAL NATIONAL MORTGAGE ASSOCIATION 8.24
FEDERAL HOME LOAN MORTGAGE CORPORATION 3.69
BANK OF AMERICA CORP 2.36
Issuer Weight (%)
JPMORGAN CHASE & CO 2.32
GOLDMAN SACHS GROUP INC/THE 1.90
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 1.89
CITIGROUP INC 1.87
HSBC HOLDINGS PLC 1.78
ISIN Name Sector SEDOL Market Value Weight (%) Price Maturity Coupon (%) Duration Notional Value YTM (%) Yield to Call (%) Yield to Worst (%) Par Value
Name Asset Class Weight (%) Price Market Value Notional Value Sector SEDOL ISIN Coupon (%) Maturity YTM (%) Yield to Call (%) Yield to Worst (%) Duration Par Value
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.


* Where the fund holds futures, initial margin is reflected in the Cash Collateral USD UBSFT account. The daily variation margin is included in the fund’s USD Cash, and/or Money Market accounts. Both the USD Cash and Money Market accounts may also hold cash from normal portfolio activities.

Exposure Breakdowns

Exposure Breakdowns

as of Oct 16, 2019

% of Market Value

Type Fund
as of Oct 16, 2019

% of Market Value

Type Fund
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 Oct 16, 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 16, 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.

Literature

Literature

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