Fixed Income

CMBS

iShares CMBS ETF

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  • NAV as of Mar 23, 2023 $46.83
    52 WK: 44.72 - 50.02
  • 1 Day NAV Change as of Mar 23, 2023 0.23 (0.50%)
  • NAV Total Return as of Mar 22, 2023 YTD: 1.98%
  • Fees as stated in the prospectus Expense Ratio: 0.25%

Overview

Why CMBS?

1. Exposure to U.S. commercial 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.
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Performance

Performance

Growth of Hypothetical $10,000

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

Record Date Ex-Date Payable Date
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Distributions Schedule
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) -11.18 -1.97 0.47 1.25 1.72
Market Price (%) -11.21 -1.98 0.47 1.26 1.72
Benchmark (%) -10.91 -1.63 0.77 1.55 2.07
After Tax Pre-Liq. (%) -12.09 -2.98 -0.59 0.22 0.70
After Tax Post-Liq. (%) -6.60 -1.85 -0.05 0.53 0.90
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) -11.18 -0.04 0.90 -3.09 -11.18 -5.80 2.37 13.22 20.41
Market Price (%) -11.21 -0.04 1.05 -3.09 -11.21 -5.83 2.39 13.29 20.36
Benchmark (%) -10.91 0.04 1.02 -2.87 -10.91 -4.81 3.88 16.61 24.96
After Tax Pre-Liq. (%) -12.09 -0.23 0.52 -3.69 -12.09 -8.67 -2.94 2.27 7.90
After Tax Post-Liq. (%) -6.60 -0.02 0.53 -1.82 -6.60 -5.45 -0.23 5.39 10.25
  2018 2019 2020 2021 2022
Total Return (%) 0.59 8.03 7.84 -1.65 -11.18
Market Price (%) 0.75 7.92 8.03 -1.82 -11.21
Benchmark (%) 0.78 8.29 8.11 -1.16 -10.91
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.

Key Facts

Key Facts

Net Assets of Fund as of Mar 23, 2023 $569,001,078
Fund Inception Feb 14, 2012
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index Bloomberg U.S. CMBS (ERISA Only) Index
Bloomberg Index Ticker LUCMTRUU
Shares Outstanding as of Mar 23, 2023 12,150,000
Distribution Frequency Monthly
Premium/Discount as of Mar 23, 2023 -0.39
CUSIP 46429B366
Closing Price as of Mar 23, 2023 46.65
30 Day Avg. Volume as of Mar 22, 2023 95,819.00
30 Day Median Bid/Ask Spread as of Mar 22, 2023 0.26%
Daily Volume as of Mar 23, 2023 79,928.00

NAIC Designated (Schedule D Eligible)

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Mar 22, 2023 631
Equity Beta (3y) as of Feb 28, 2023 0.16
30 Day SEC Yield as of Mar 22, 2023 3.77%
12m Trailing Yield as of Mar 22, 2023 2.65%
Standard Deviation (3y) as of Feb 28, 2023 5.23%
Average Yield to Maturity as of Mar 22, 2023 5.28%
Weighted Avg Coupon as of Mar 22, 2023 3.10
Weighted Avg Maturity as of Mar 22, 2023 4.89 yrs
Effective Duration as of Mar 22, 2023 4.38 yrs
Convexity as of Mar 22, 2023 0.28
Option Adjusted Spread as of Mar 22, 2023 153.17 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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

Fees

Fees

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

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".

Ratings

Holdings

Holdings

as of Mar 22, 2023
Issuer Weight (%)
FNMA_20-M1-A2 0.72
FNMA_19-M9-A2 0.53
FHMS_K749-A2 0.47
FHMS_K120-A2 0.46
FNMA_19-M1-A2 0.46
Issuer Weight (%)
FHMS_K083-A2 0.46
FREMF_20-K109-A2 0.45
FHMS_K087-A2 0.44
FHMS_K125-A2 0.44
FHMS K-131-A2 0.44
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL 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
Detailed Holdings and Analytics
Holdings are subject to change.

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”). 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.

Exposure Breakdowns

Exposure Breakdowns

as of Mar 22, 2023

% of Market Value

Type Fund
as of Mar 22, 2023

% 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 Mar 22, 2023

% 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.

Price Yield Calculator

Price Yield Calculator

The calculator provides clients with an indication of an ETF's yield and duration for a given market price. The ACF Yield is the discount rate that equates the ETF's aggregate cash flows (i.e., the sum of the cash flows of the ETF's holdings) to a given ETF price. The cash flows are based on the yield to worst methodology in which a bond's cash flows are assumed to occur at the call date (if applicable) or maturity, whichever results in the lowest yield for that bond holding. For a given ETF price, this calculator will estimate the corresponding ACF Yield and spread to the relevant government reference security yield. Note that the ACF Yield will differ from the ETF's Weighted Avg YTM. For more information on Aggregate Cash Flow Yield, see info here.

As of 03/23/23
Price $46.65
5.04%
Modified Duration 4.30 years

Spread of ACF Yield (5.04%) over 5.00 yr Treasury Yield (3.51%) As of 03/23/23 is + 153 bps

Results generated are for illustrative purposes only and are not representative of any specific investment outcome. For standardized performance, please see the Performance section above.

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.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

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

©2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iTHINKING, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

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