BIDPX

iShares Municipal Bond Index Fund

Fixed Income

BIDPX

iShares Municipal Bond Index Fund

How To Buy

Overview

Investment Approach

Seeks to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the ICE BofAML U.S. Municipal Securities Index.
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Performance

Performance

  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 1.78 0.77 2.25 3.80 11.60 18.49 43.10
Return w/ Sales Charge (%) Max Sales Charge: - -2.29 -3.26 -1.84 -0.36 7.14 13.75 37.38
Benchmark (%) Index: ICE BofAML US Municipal Securities Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 1.97 0.97 2.66 4.27 13.17 21.57 53.12
Morningstar Category Avg. (%) Muni National Interm 2.74 1.55 5.82 3.93 11.39 17.78 41.37
  2015 2016 2017 2018 2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. - - - 1.24 7.25
Benchmark (%) Index: ICE BofAML US Municipal Securities Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. - - - 1.04 7.74
Morningstar Category Avg. (%) Muni National Interm 2.50 -0.20 4.61 0.78 6.91
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.

The Fund’s returns prior to November 19, 2018 reflect the performance of the State Farm Tax Advantaged Bond Fund (the “Predecessor Fund”). Effective November 19, 2018, the Fund adopted the performance of the Predecessor Fund as a result of a reorganization in which the Fund acquired all of the assets and assumed certain stated liabilities of the Predecessor Fund. Performance shown is based on the investment objective and investment strategies utilized by the Predecessor Fund, which differed from those of the Fund. The Predecessor Fund was managed by a different investment adviser and had a different portfolio management team from that of the Fund. For periods prior to November 19, 2018, Investor P Shares adopted the performance of Premier Shares of the Predecessor Fund.

 

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.

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Cum. Fund Perf. Since Inception: 134.35

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

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Ex-Date Payable Date Record Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

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Year 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

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



Key Facts

Key Facts

Size of Class (Millions) as of Aug 07, 2020 $329.2 M
Size of Fund (Millions) as of Aug 07, 2020 $355.9 M
Share Class launch date Nov 16, 2018
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index ICE BofAML US Municipal Securities Index
CUSIP 066923210
Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Daily
Number of Holdings as of Jul 31, 2020 319
Max Offer Price as of Aug 07, 2020 $12.83
Open to New Investors Yes
Turnover Percent in the Annual Report as of Jun 30, 2020 24%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) Compared to ICE BofAML US Municipal Securities Index.<br/><br/>Alpha is calculated at the portfolio level.<br/><br/>A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund&#39;s alpha. as of Jul 31, 2020 0.00
R-Squared (3y) as of Jul 31, 2020 0.00
Beta (3y) as of Jul 31, 2020 0.00
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 Jun 30, 2020 1.02%
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 Jun 30, 2020 1.02%
Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond&#39;s cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund&#39;s individual bond holding YTMs based upon Net Asset Value (&#39;NAV&#39;). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Aug 07, 2020 2.65%
Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Aug 07, 2020 1.12%
Average Coupon as of Aug 07, 2020 4.69%
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 Aug 07, 2020 6.44 yrs
Nominal WAL as of Aug 07, 2020 5.62 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 5.63%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -3.88%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Lipper Leader

 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Jul 31, 2020 out of 246, 6,022, 248, 97 and 248 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Holdings

Holdings

as of Aug 07, 2020
Name Weight (%)
TENNESSEE ST 4 08/01/2025 1.51
NEW YORK ST URBAN DEV CORP REV 4 03/15/2049 0.92
SALT RIV PROJ AGRIC IMPT & PWR 5 01/01/2034 0.88
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2035 0.82
GOLDEN ST TOB SECURITIZATION C 5 06/01/2034 0.81
Name Weight (%)
NEW YORK N Y CITY HEALTH & HOSP CO 5 02/15/2030 0.73
LOS ANGELES CALIF UNI SCH DIST 5 07/01/2026 0.73
SAN DIEGO CALIF UNI SCH DIST 5 07/01/2047 0.72
CALIFORNIA ST 5.25 11/01/2040 0.72
NEW YORK ST DORM AUTH REVS NON 5 10/01/2045 0.72

Exposure Breakdowns

Exposure Breakdowns

as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
as of Aug 07, 2020

% of Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. 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.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Scott Radell
Scott Radell
Head of Core Portfolio Management, Systematic Fixed Income

  

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Scott Radell, Managing Director, is the Head of San Francisco Core Portfolio Management (Core PM) within Global Fixed Income, responsible for the management and oversight of all the Americas Index, iShares, and model based active fixed income funds.

 

Mr. Radell's service with the firm dates back to 2003, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Before founding the Portfolio Solutions Group, he was a portfolio manager responsible for BGI's active investment grade long-only and long/short cross-over portfolios. Prior to joining BGI, Mr. Radell served for over seven years as an analyst for corporate bond and Commercial Mortgage Backed Securities for Morgan Stanley Investment Management. Mr. Radell began his career as a fixed income client service and mortgage analyst at BARRA.

 

Mr. Radell earned a BA degree in quantitative economics and decision sciences from the University of California at San Diego in 1992.

James Mauro
James Mauro
Portfolio Manager

Literature

Literature

 

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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 the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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USR-9694