CMBS

iShares CMBS ETF

Fixed Income

CMBS

iShares CMBS ETF

Overview

WHY CMBS?

  1. Exposure to U.S. commerical mortgage-backed bonds
  2. Targeted access to a specific segment of the domestic mortgage-backed bond market
  3. Use to seek income

INVESTMENT OBJECTIVE

The iShares CMBS ETF seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities.

Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

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Performance

Performance

  From
30/Jun/2015
To
30/Jun/2016		 From
30/Jun/2016
To
30/Jun/2017		 From
30/Jun/2017
To
30/Jun/2018		 From
30/Jun/2018
To
30/Jun/2019		 From
30/Jun/2019
To
30/Jun/2020
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of 30/Jun/2020

5.80 -0.56 -0.42 8.70 6.55
Benchmark (%) Index: Bloomberg Barclays U.S. CMBS (ERISA Only) Index

as of 30/Jun/2020

6.22 -0.33 -0.25 8.95 6.83
  1y 3y 5y 10y Incept.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of 30/Jun/2020

6.55 4.87 3.94 - 3.58
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).

as of 30/Jun/2020

6.67 5.00 3.98 - 3.62
Benchmark (%) Index: Bloomberg Barclays U.S. CMBS (ERISA Only) Index

as of 30/Jun/2020

6.83 5.10 4.21 4.87 3.93
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold.

as of 30/Jun/2020

5.39 3.71 2.84 - 2.56
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares.

as of 30/Jun/2020

3.85 3.21 2.53 - 2.30
  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.

as of 30/Jun/2020

5.04 1.60 3.87 5.04 6.55 15.33 21.34 - 34.27
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).

as of 30/Jun/2020

5.40 1.56 3.44 5.40 6.67 15.76 21.57 - 34.71
Benchmark (%) Index: Bloomberg Barclays U.S. CMBS (ERISA Only) Index

as of 30/Jun/2020

5.19 1.62 3.95 5.19 6.83 16.10 22.92 60.85 38.08
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold.

as of 30/Jun/2020

4.57 1.51 3.59 4.57 5.39 11.56 15.05 - 23.54
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares.

as of 30/Jun/2020

2.98 0.95 2.28 2.98 3.85 9.96 13.29 - 20.98
  2015 2016 2017 2018 2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 0.61 3.04 3.07 0.59 8.03
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). 0.84 3.10 2.91 0.75 7.92
Benchmark (%) Index: Bloomberg Barclays U.S. CMBS (ERISA Only) Index 0.97 3.32 3.35 0.78 8.29

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in USD, hedged Share Class Benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF. Individual shareholders may realize returns that are different to the NAV performance.

The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Chart

Performance chart data not available for display.
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The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

Share Class and Benchmark performance displayed in USD, hedged fund benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. Performance data is based on the net asset value (NAV) of the ETF which may not be the same as the market price of the ETF. Individual shareholders may realize returns that are different to the NAV performance.

The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Distributions

Record Date Ex-Date Total Distribution
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Announcement Date Record Date Ex-Date Payable Date Total Distribution

Premium/Discount

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Key Facts

Key Facts

Net Assets as of 10/Jul/2020 USD 463,453,954
Size of Fund (Millions) USD 463.45
Base Currency USD
Share Class launch date 14/Feb/2012
Asset Class Fixed Income
Domicile United States
Benchmark Index Bloomberg Barclays U.S. CMBS (ERISA Only) Index

Portfolio Characteristics

Portfolio Characteristics

Shares Outstanding as of 10/Jul/2020 8,450,000
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives exposures. Derivatives are contracts used by the fund to gain exposure to an investment without buying it directly. They can be used in a number of ways. For example a 'currency forward' derivative contract can be used to 'hedge' or aim to mitigate the effects of changes in exchange rates. as of 10/Jul/2020 544
Benchmark Level as of 10/Jul/2020 USD 326.31
Total Net Assets as of 10/Jul/2020 USD 463,453,953.76
Benchmark Ticker LUCMTRUU
Distribution Yield The distribution yield represents the ratio of distributed income over the last 12 months to the fund’s current NAV. as of 09/Jul/2020 2.49%
Weighted Avg YTM Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. as of 10/Jul/2020 1.52%
Weighted Avg Coupon Weighted Average Coupon is the average coupon rate of the underlying bonds in the fund, weighted by its relative size in the portfolio. as of 10/Jul/2020 3.38%
Fiscal Year End 31/Oct/2016
Effective Duration A measure of the responsiveness of a bond's or portfolio's price to changes in interest rates. Effective Duration adjusts for changes in projected cash flows as a result of yield changes, accounting for embedded optionality. as of 10/Jul/2020 5.11
Weighted Avg Maturity Weighted Average Maturity is the length of time until the average security in the fund will mature or be redeemed by its issuer. It indicates a fixed income fund's sensitivity to interest rate changes. Longer average weighted maturity implies greater volatility in response to interest rate changes. This metric considers the likelihood that bonds will be called or prepaid. as of 10/Jul/2020 5.66 yrs

Fees

Fees

as of current prospectus
Management Fee 0.25
Acquired Fund Fees and Expenses 0.00
Foreign Taxes and Other Expenses 0.00
Gross Expense Ratio 0.25

Registered Locations

Registered Locations

  • United States

Holdings

Holdings

as of 10/Jul/2020
Ticker ISIN Name Name of the underlying security Sector Location Asset Class Nominal Market Value Weight (%) Price Exchange Maturity Coupon (%) Market Currency Duration Notional Value
as of 10/Jul/2020
Issuer Weight (%)
FHMS_K103-A2 1.22
FHMS_K110-A2 1.04
FHMS_K087-A2 0.73
FNMA_19-M6-A1 0.71
FHMS_K108-A2 0.68
Issuer Weight (%)
FHMS_K065-A2 0.63
FHMS_K070-A2 0.62
FHMS_K043-A2 0.59
BBCMS_20-C6-A4 0.59
FNMA_17-M8 0.58
Issuer Ticker Name Name of the underlying security Asset Class Weight (%) Price Nominal Market Value Notional Value Sector ISIN Coupon (%) Maturity Exchange Location Market Currency Duration
Download Holdings
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.

Non-U.S. securities whose values are affected by volatility that occurs in global markets or in related or highly correlated assets (e.g., American Depositary Receipts, Global Depositary Receipts or substantially identical ETFs) on a trading day after the close of non-U.S. securities markets may be fair valued. On days where non-U.S. securities markets are closed, BlackRock Fund Advisors, an affiliate of BlackRock Investments, LLC, will determine the fair value of the stocks traded on that local market, in accordance with policies and procedures approved by the Fund’s Board of Directors/Trustees. Fair value adjustments may be calculated by referring to instruments and markets that have continued to trade, such as exchange-traded funds, correlated stock market indices or index futures. 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.

Exposure Breakdowns

Exposure Breakdowns

as of 10/Jul/2020

% 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.
as of 10/Jul/2020

% of Market Value

Type Fund
as of 10/Jul/2020

% 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 10/Jul/2020

% 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.

Listings

Exchange Ticker Currency Listing Date SEDOL Bloomberg Ticker RIC Bloomberg INAV Reuters INAV ISIN WKN Valor Common Code (EOC) ISIN of INAV
NYSE Arca CMBS USD 16/Feb/2012 - CMBS - - - US46429B3666 - 18012920 - -

Literature

Literature