Fixed Income

ICSH

BlackRock Ultra Short-Term Bond ETF ACTIVE

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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.
5.65 2.62 2.35 1.81 1.77
Market Price (%) 5.73 2.62 2.35 1.80 1.78
Benchmark (%) 5.22 2.56 2.13 1.51 1.48
After Tax Pre-Liq. (%) 3.53 1.56 1.42 1.10 1.08
After Tax Post-Liq. (%) 3.31 1.54 1.40 1.08 1.06
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.27 0.43 1.27 3.03 5.65 8.06 12.31 19.65 19.86
Market Price (%) 1.29 0.46 1.29 3.01 5.73 8.05 12.32 19.52 19.89
Benchmark (%) 1.24 0.45 1.24 2.75 5.22 7.89 11.13 16.22 16.29
After Tax Pre-Liq. (%) 0.91 0.25 0.91 1.94 3.53 4.74 7.33 11.58 11.74
After Tax Post-Liq. (%) 0.75 0.25 0.75 1.78 3.31 4.71 7.20 11.31 11.45
  2019 2020 2021 2022 2023
Total Return (%) 3.18 1.63 0.16 0.95 5.59
Market Price (%) 3.20 1.59 0.16 0.96 5.58
Benchmark (%) 2.57 1.05 0.09 1.31 5.14
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 21, 2024 $5,548,372,959
Fund Inception Dec 11, 2013
Exchange Cboe BZX formerly known as BATS
Asset Class Fixed Income
Benchmark Index ICE BofA US 6-Month Treasury Bill Index (USD)
Shares Outstanding as of May 21, 2024 109,900,000
Distribution Frequency Monthly
Premium/Discount as of May 21, 2024 -0.03
CUSIP 46434V878
Closing Price as of May 21, 2024 50.47
30 Day Avg. Volume as of May 21, 2024 827,437.00
30 Day Median Bid/Ask Spread as of May 21, 2024 0.02%
Daily Volume as of May 21, 2024 708,257.00

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of May 21, 2024 213
Equity Beta (3y) as of Apr 30, 2024 0.01
30 Day SEC Yield as of May 20, 2024 5.48%
12m Trailing Yield as of May 20, 2024 5.12%
Standard Deviation (3y) as of Apr 30, 2024 0.86%
Unsubsidized 30-Day SEC Yield as of May 20, 2024 5.48%
Average Yield to Maturity as of May 21, 2024 5.56%
Weighted Avg Coupon as of May 21, 2024 5.18
Weighted Avg Maturity as of May 21, 2024 0.63 yrs
Effective Duration as of May 21, 2024 0.41 yrs
Convexity as of May 21, 2024 0.01
Option Adjusted Spread as of May 21, 2024 28.91 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

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more

This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC) as of Apr 21, 2024 A
MSCI ESG % Coverage as of Apr 21, 2024 89.20%
MSCI ESG Quality Score (0-10) as of Apr 21, 2024 6.8
MSCI ESG Quality Score - Peer Percentile as of Apr 21, 2024 81.09%
Fund Lipper Global Classification as of Apr 21, 2024 Bond USD Short Term
Funds in Peer Group as of Apr 21, 2024 201
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Apr 21, 2024 120.48
MSCI Weighted Average Carbon Intensity % Coverage as of Apr 21, 2024 81.18%
MSCI Implied Temperature Rise (0-3.0+ °C) as of Apr 21, 2024 > 2.0° - 2.5° C
MSCI Implied Temperature Rise % Coverage as of Apr 21, 2024 68.80%

What is the Implied Temperature Rise (ITR) metric? Learn what the metric means, how it is calculated, and about the assumptions and limitations for this forward-looking climate-related metric.

To address climate change, many of the world's major countries have signed the Paris Agreement. The temperature goal of the Paris Agreement is to limit global warming to well below 2°C above pre-industrial levels, and ideally 1.5 °C, which will help us avoid the most severe impacts of climate change.


What is the ITR metric?

The ITR metric is used to provide an indication of alignment to the temperature goal of the Paris Agreement for a company or a portfolio. ITR employs open source 1.55° C decarbonization pathways derived from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). These pathways can be regional and sector specific and set a net zero target of 2050, in line with GFANZ (Glasgow Financial Alliance for Net Zero) industry standards. We make use of this feature for all GHG scopes. This enhanced ITR model was implemented by MSCI on February 19, 2024.


How is the ITR metric calculated?

The ITR metric is calculated by looking at the current emissions intensity of companies within the fund's portfolio as well as the potential for those companies to reduce its emissions over time. If emissions in the global economy followed the same trend as the emissions of companies within the fund's portfolio, global temperatures would ultimately rise within this band.


Note, only corporate issuers are covered within the calculation. A summary explanation of MSCI’s methodology and assumptions for its ITR metric can be found here.


Because the ITR metric is calculated in part by considering the potential for a company within the fund’s portfolio to reduce its emissions over time, it is forward-looking and prone to limitations. As a result, BlackRock publishes MSCI’s ITR metric for its funds in temperature range bands. The bands help to underscore the underlying uncertainty in the calculations and the variability of the metric.

Thermometer-style chart of yellow to red temperature bands showing an investment’s position relative to the Paris Agreement temperature goals. Metric data source MSCI

What are the key assumptions and limitations of the ITR metric?

This forward-looking metric is calculated based on a model, which is dependent upon multiple assumptions. Also, there are limitations with the data inputs to the model. Importantly, an ITR metric may vary meaningfully across data providers for a variety of reasons due to methodological choices (e.g., differences in time horizons, the scope(s) of emissions included and portfolio aggregation calculations).

There is not a universally accepted way to calculate an ITR. There is not a universally agreed upon set of inputs for the calculation. At present, availability of input data varies across asset classes and markets. To the extent that data becomes more readily available and more accurate over time, we expect that ITR metric methodologies will evolve and may result in different outputs. Funds may change bands as methodologies evolve. Where data is not available, and / or if data changes, the estimation methods vary, particularly those related to a company’s future emissions.


The ITR metric estimates a fund’s alignment with the Paris Agreement temperature goal based on a credibility assessment of stated decarbonization targets. However, there is no guarantee that these estimates will be reached. The ITR metric is not a real time estimate and may change over time, therefore it is prone to variance and may not always reflect a current estimate.


The ITR metric is not an indication or estimate of a fund’s performance or risk. Investors should not rely on this metric when making an investment decision and instead should refer to a fund’s prospectus and governing documents. This estimate and the associated information is not intended as a recommendation to invest in any fund, nor is it intended to indicate any correlation between a fund’s ITR metric and its future investment performance.

All data is from MSCI ESG Fund Ratings as of Apr 21, 2024, based on holdings as of Mar 31, 2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

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.

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 21, 2024 0.11%
MSCI - UN Global Compact Violators as of May 21, 2024 0.00%
MSCI - Nuclear Weapons as of May 21, 2024 0.11%
MSCI - Thermal Coal as of May 21, 2024 0.00%
MSCI - Civilian Firearms as of May 21, 2024 0.00%
MSCI - Oil Sands as of May 21, 2024 0.00%
MSCI - Tobacco as of May 21, 2024 0.28%

Business Involvement Coverage as of May 21, 2024 85.92%
Percentage of Fund not covered as of May 21, 2024 14.08%
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 0.32%.

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 considers ESG information in the research, security selection and portfolio review stages of the investment process. The Fund manager conducts bi-weekly credit meetings, wherein each credit is examined through an internal relative value analysis, which contains qualitative governance considerations combined with environmental, societal and governance metrics derived from third-party data providers, where available. The Fund manager conducts regular portfolio risk reviews with Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, where appropriate.

Fees

Fees

as of current prospectus
Management Fee 0.08%
Acquired Fund Fees and Expenses 0.00%
Other Expenses 0.00%
Expense Ratio 0.08%

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 21, 2024
Issuer Weight (%)
TOYOTA MOTOR CREDIT CORP 2.01
HYUNDAI CAPITAL AMERICA 1.74
UNITED STATES TREASURY 1.72
NEW YORK LIFE GLOBAL FUNDING 1.41
WESTPAC BANKING CORP 1.09
Issuer Weight (%)
JOHN DEERE CAPITAL CORP 1.05
NEXTERA ENERGY CAPITAL HOLDINGS INC 1.01
NESTLE HOLDINGS INC. 0.93
SUMITOMO MITSUI TRUST BANK LTD 0.88
AMERICAN HONDA FINANCE CORPORATION 0.86
Name Sector Asset Class Market Value Weight (%) Notional Value 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
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”). 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.

Exposure Breakdowns

Exposure Breakdowns

as of May 21, 2024

% of Market Value

Type Fund
as of May 21, 2024

% of Market Value

Type Fund
Maturity is provided in days. Maturity exposure is calculated by aggregating the percent par of holdings of individual securities in the portfolio by the legal final maturity date, or for securities that have a demand feature, the date in which the demand feature is exercised and proceeds received. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds).
as of May 21, 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.

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 05/21/24
Price $50.47
4.68%
Modified Duration 0.59 years

Spread of ACF Yield (4.68%) over 0.50 yr Treasury Yield (5.37%) As of 05/21/24 is 69 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.

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READY TO INVEST?

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Portfolio Managers

Portfolio Managers

Eric Hiatt, CFA, FRM
Eric Hiatt, CFA, FRM
James Mauro
James Mauro

Literature

Literature