Fixed Income

EUCL

iShares € AAA CLO Active UCITS ETF ACTIVE

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  • NAV as of 03/Dec/2025 EUR 1’013.94
  • 1 Day NAV Change as of 03/Dec/2025 EUR 0.07 (0.01%)
  • Weighted Average YTM as of 03/Dec/2025 3.10%

Overview

WHY EUCL?

  1. The Fund is actively managed.
  2. The Fund will invest a minimum of 80% in AAA-rated CLOs and may invest up to 20% in tranches of CLOs rated at least A-.
  3. The investment manager has discretion to select the Fund’s investments without reference to a benchmark. Investors may use the J.P. Morgan Euro CLOIE AAA Index to compare the performance of the Fund.

INVESTMENT OBJECTIVE

The Fund aims to provide a total return, comprising income and capital, by investing in a portfolio predominantly of Euro-denominated AAA-rated collateralized loan obligations (CLOs). The Fund is not suitable for retail investors unless the investor in question qualifies as an "advanced investor" as prescribed by the European MiFID Template (EMT), being an investor who has good knowledge of relevant financial products and transactions and/or has financial industry experience or whose investment is accompanied by professional investment advice or included in a discretionary portfolio service.

Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk.Collateralised Loan Obligations are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets.The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Such ESG screening may reduce the potential investment universe and this may adversely affect the value of the Fund’s investments compared to a fund without such screening.

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company
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Performance

Performance

This chart has been left intentionally blank as there is less than one year's performance data.
Returns not available as there is less than one year’s performance data.
Returns not available as there is less than one year’s performance data.
Returns not available as there is less than one year’s performance data.

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

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

Key Facts

Key Facts

Net Assets
as of 03/Dec/2025
EUR 100’799’548
Share Class launch date
18/Jul/2025
Share Class Currency
EUR
Asset Class
Fixed Income
SFDR Classification
Article 8
Total Expense Ratio
0.25%
Use of Income
Accumulating
UCITS Compliant
Yes
Fund Manager
BlackRock Asset Management Ireland Limited
Custodian
The Bank of New York Mellon SA/NV, Dublin Branch
Bloomberg Ticker
EUCL SE
Net Assets of Fund
as of 03/Dec/2025
EUR 100’799’548
Fund Launch Date
18/Jul/2025
Fund Base Currency
EUR
Comparator Benchmark 1
JPM European CLOIE AAA Index
Shares Outstanding
as of 03/Dec/2025
99’414
ISIN
IE000Q9IHH10
Domicile
Ireland
Issuing Company
iShares II plc
Administrator
BNY Mellon Fund Services (Ireland) Designated Activity Company
Fiscal Year End
31 October
Valor
142267789

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 03/Dec/2025
62
Weighted Av YTM
as of 03/Dec/2025
3.10%
Weighted Avg Maturity
as of 03/Dec/2025
2.27 yrs
Standard Deviation (3y)
as of -
-
Weighted Avg Coupon
as of 03/Dec/2025
3.18%
Effective Duration
as of 03/Dec/2025
0.15

Ratings

Registered Locations

Registered Locations

  • Austria

  • Denmark

  • Finland

  • France

  • Germany

  • Ireland

  • Italy

  • Liechtenstein

  • Luxembourg

  • Netherlands

  • Norway

  • Saudi Arabia

  • Spain

  • Sweden

  • Switzerland

  • United Kingdom

Holdings

Holdings

as of 03/Dec/2025
Issuer Weight (%)
LOGIC_2-A 3.48
PLMER_22-1X-A1 2.69
FIOS_5X-A 2.51
ACLO_7X-AR 2.51
SHCLO_1X-AR 2.51
Issuer Weight (%)
RFTE_25-1X-A 2.49
FICLO_21-1X-A 2.49
CIFCE_4X-A 2.49
PENTA_24-16X-AR 2.49
AVOCA_24X-AR 2.39
Issuer Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Nominal Par Value ISIN Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Market Currency Effective Date Strike price
Download Holdings
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.

Exposure Breakdowns

Exposure Breakdowns

as of 03/Dec/2025

% of Market Value

Type Fund
as of 03/Dec/2025

% 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 03/Dec/2025

% of Market Value

Type Fund
as of 03/Dec/2025

% 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

Listings

Exchange Ticker Currency Listing Date SEDOL Bloomberg Ticker RIC WKN
Xetra EUCL EUR 24/Jul/2025 BTZJLW3 EUCL GY EUCL.DE A412JW
Borsa Italiana EUCL EUR 06/Aug/2025 BTZJTY1 EUCL IM EUCL.MI A412JW
SIX Swiss Exchange EUCL EUR 04/Sept/2025 BS499Z6 EUCL SE EUCL.S A412JW

Portfolio Managers

Portfolio Managers

Maria Rassam
Maria Rassam
Director, Lead Portfolio Manager, European CLO Tranche Investments

Maria Rassam is the Lead Portfolio Manager for European CLO Tranche Investments, within Fundamental Fixed Income.

Read More

Maria Rassam is the Lead Portfolio Manager for European CLO Tranche Investments, within Fundamental Fixed Income. Miss Rassam brings a wealth of experience to BlackRock’s CLO team having managed pre-crisis CLO tranches in her previous role since 2011.

 

Prior to joining Blackrock in 2018, Miss Rassam was a senior portfolio manager at Cairn Capital Limited responsible for CLO tranche investments as well as macro hedging. She joined Cairn Capital in 2010 and was initially involved in leveraged loans portfolio management before moving into the alternatives team to co-manage the Cairn Special Opportunities Credit Fund. She began her career at Bank of America Merrill Lynch working on European CLOs.

 

Miss Rassam earned a BSc (Honours) in Biochemistry from the University of York and is a holder of the CFA UK Level 4 Certificate in Investment Management (formerly IMC).

Saffet Ozbalci
Saffet Ozbalci
Managing Director, Global Head of Structured Credit

Saffet Ozbalci, Managing Director, Global Head of Structured Credit within BlackRock’s Fundamental Fixed Income platform.

Read More

Saffet Ozbalci, Managing Director, Global Head of Structured Credit within BlackRock’s Fundamental Fixed Income platform. He is responsible for leading BlackRock’s CLO investing and broadly syndicated CLO management businesses.

 

Prior to joining BlackRock in 2012, Mr. Ozbalci was Head of CLO Trading at BNP Paribas. Previously, Mr. Ozbalci was a portfolio manager at Barclays Global Investors (BGI), primarily responsible for investments in securitized assets including ABS, RMBS, CLO and CDOs. In his previous role, he was the lead portfolio manager at Securities Finance Trust Company, primarily focusing on securitized assets and portfolio structuring.

 

Mr. Ozbalci earned a BS degree in Civil Engineering from Middle East Technical University and an MBA/MS degree in Finance from Boston College.

Jeff Soar
Jeff Soar
Managing Director, Head of BlackRock European CLO Platform

Jeff Soar, FCA, Managing Director, is Head of the BlackRock European CLO platform and a portfolio manager within Fundamental Fixed Income, focusing on European CLO strategies.

Read More

Jeff Soar, FCA, Managing Director, is Head of the BlackRock European CLO platform and a portfolio manager within Fundamental Fixed Income, focusing on European CLO strategies.

 

Prior to joining Blackrock in 2015, Mr. Soar was a Director within the CLO portfolio management team at Rothschild. He joined Rothschild in 2002 and worked in the Debt Advisory business before moving into the Leveraged Finance team and subsequently the Debt Fund Management team. He began his career with Deloitte and Touche where he trained and qualified as a Chartered Accountant.

 

Mr. Soar earned a BA (Honours) in History from the University of Durham and qualified as a Chartered Accountant with Deloitte and Touche.

PRIIPs Performance Scenarios

PRIIPs Performance Scenarios

The EU Packaged Retail and Insurance-Based Products Regulation (PRIIPs) prescribes the calculation methodology, and publication of the outcomes, of four hypothetical performance scenarios regarding how the product may perform under certain conditions and for such to be published on a monthly basis. The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product, which may include input from benchmark(s) / proxy, over the last ten years.
Recommended holding period : 5 years
Example Investment EUR 10’000
Scenarios
If you exit after 1 year
If you exit after 5 years

Minimum

There is no minimum guaranteed return. You could lose some or all of your investment.

Stress

What you might get back after costs
Average return each year
8’710 EUR
-12.9%
7’730 EUR
-5.0%

Unfavourable

What you might get back after costs
Average return each year
8’710 EUR
-12.9%
8’840 EUR
-2.4%

Moderate

What you might get back after costs
Average return each year
9’990 EUR
-0.1%
9’710 EUR
-0.6%

Favourable

What you might get back after costs
Average return each year
11’440 EUR
14.4%
11’210 EUR
2.3%

The stress scenario shows what you might get back in extreme market circumstances.



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, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. 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 03/Dec/2025
0.00%
MSCI - Nuclear Weapons
as of 03/Dec/2025
0.00%
MSCI - Civilian Firearms
as of 03/Dec/2025
0.00%
MSCI - Tobacco
as of 03/Dec/2025
0.00%
MSCI - UN Global Compact Violators
as of 03/Dec/2025
0.00%
MSCI - Thermal Coal
as of 03/Dec/2025
0.00%
MSCI - Oil Sands
as of 03/Dec/2025
0.00%
Business Involvement Coverage
as of 03/Dec/2025
1.79%
Percentage of Fund not covered
as of 03/Dec/2025
98.21%
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 0.00% and for Oil Sands 0.00%.

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.

Literature

Literature