Fixed Income

BINC

BlackRock Flexible Income ETF ACTIVE

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

Record Date Ex-Date Payable Date
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Premium/Discount

  1y 3y 5y 10y Incept.
- - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
After Tax Pre-Liq. (%) - - - - -
After Tax Post-Liq. (%) - - - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.12 0.93 1.12 6.85 - - - - 8.61
Market Price (%) 0.96 0.92 0.96 6.73 - - - - 8.98
Benchmark (%) -0.47 0.98 -0.47 6.33 - - - - 3.65
After Tax Pre-Liq. (%) 0.88 0.75 0.88 5.73 - - - - 6.93
After Tax Post-Liq. (%) 0.66 0.55 0.66 4.03 - - - - 5.05
  2019 2020 2021 2022 2023
Total Return (%) - - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
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.

Key Facts

Key Facts

Net Assets of Fund as of May 20, 2024 $3,015,899,546
Fund Launch Date May 19, 2023
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index BBG U.S. Universal Index (USD)
Shares Outstanding as of May 20, 2024 57,900,000
Distribution Frequency Monthly
Premium/Discount as of May 17, 2024 0.33%
CUSIP 092528603
Closing Price as of May 17, 2024 52.25
30 Day Avg. Volume as of May 17, 2024 401,938.00
30 Day Median Bid/Ask Spread as of May 17, 2024 0.02%
Daily Volume as of May 17, 2024 447,641.00

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of May 17, 2024 2,234
Equity Beta (3y) as of - -
30 Day SEC Yield as of May 17, 2024 5.96%
12m Trailing Yield as of Apr 30, 2024 5.97%
Standard Deviation (3y) as of - -
Unsubsidized 30-Day SEC Yield as of May 17, 2024 5.85%
Average Yield to Maturity as of May 17, 2024 6.72%
Weighted Avg Coupon as of May 17, 2024 5.58
Weighted Avg Maturity as of May 17, 2024 4.97 yrs
Effective Duration as of May 17, 2024 3.07 yrs
Convexity as of May 17, 2024 0.00
Option Adjusted Spread as of May 17, 2024 192.48 bps
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) 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. MSCI Ratings are currently unavailable for this fund.

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. 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 May 17, 2024 0.03%
MSCI - UN Global Compact Violators as of May 17, 2024 0.10%
MSCI - Nuclear Weapons as of May 17, 2024 0.01%
MSCI - Thermal Coal as of May 17, 2024 0.02%
MSCI - Civilian Firearms as of May 17, 2024 0.05%
MSCI - Oil Sands as of May 17, 2024 0.00%
MSCI - Tobacco as of May 17, 2024 0.02%

Business Involvement Coverage as of May 17, 2024 34.04%
Percentage of Fund not covered as of May 17, 2024 65.96%
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 0.03% and for Oil Sands 0.32%.

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.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Management Fee 0.50%
Acquired Fund Fees and Expenses 0.03%
Other Expenses 0.00%
Expense Ratio 0.53%
Fee Waivers 0.13%
Net Expense Ratio 0.40%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Holdings

Holdings

as of May 17, 2024
Issuer Weight (%)
UNIFORM MBS 7.61
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND 3.06
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 2.27
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 2.06
MORGAN STANLEY 0.96
Issuer Weight (%)
ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND ETF 0.93
COLOMBIA (REPUBLIC OF) 0.91
BARCLAYS PLC 0.64
CCO HOLDINGS LLC 0.59
GOLDMAN SACHS GROUP INC/THE 0.58
Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency Accrual Date Effective Date Strike price
Holdings are subject to change. * Where the fund holds futures or swaps, 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.



The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

The “SYNTH” included in the Holdings table above are swaptions held by the Fund.

Exposure Breakdowns

Exposure Breakdowns

as of May 17, 2024

% of Market Value

Type Fund
as of May 17, 2024

% 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, excluding currency holdings. Percentages do not reflect fair valuation. In some instances, percentages may reflect the location where the issuer of the securities carries out much of their business. Bonds are included in U.S. bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer.
as of May 17, 2024

% 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 May 17, 2024

% 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.

Portfolio Managers

Portfolio Managers

Rick Rieder
Chief Investment Officer of Global Fixed Income

        

Jacob Caplain
Managing Director

Jacob Caplain, Managing Director, is Head of Strategy for Global Fixed Income multi-sector yield and closed-end funds.

Samir Lakhani
Managing Director, Co-Head of Securitized Assets & Head of CMBS

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

Dylan Price
Director, Global Fixed Income

  

Charlotte Widjaja
Vice President, Global Fixed Income Group

Charlotte is also a co-author of the Rick Rieder Monthly Markets Call and is a member of the Global Fixed Income team’s ESG Implementation Committee.

Literature

Literature

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