Fixed Income

SYSB

iShares Systematic Bond ETF ACTIVE

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  • NAV as of Dec 12, 2025 $89.55
    52 WK: 85.79 - 90.93
  • 1 Day NAV Change as of Dec 12, 2025 $-0.28 (-0.31%)
  • NAV Total Return as of Dec 11, 2025 YTD: 8.09%
  • Morningstar Rating
  • Fees as stated in the prospectus Expense Ratio: 0.25%

Overview

Why SYSB?

1. Broad U.S. bond exposure: Access a diverse portfolio of U.S. dollar-denominated bonds, spanning both investment-grade and high-yield-rated bonds.

2. Pursue outperformance: Seek to outperform the broad U.S. bond market.

3. Systematic approach: Leverages active insights through a systematic, transparent, and repeatable investment process.

INVESTMENT OBJECTIVE

The iShares Systematic Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment grade or high yield.
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Performance

Performance

Growth of Hypothetical $10,000

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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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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 (%) 7.15 8.25 1.34 2.63 2.43
Market Price (%) 7.03 8.27 1.34 2.58 2.43
Benchmark (%) 7.49 8.56 1.60 2.43 2.29
After Tax Pre-Liq. (%) 4.90 6.14 -0.20 1.21 1.03
After Tax Post-Liq. (%) 4.17 5.41 0.33 1.38 1.23
Bloomberg US Aggregate Bond Index 2.88 4.93 -0.45 1.84 1.73
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 7.28 1.28 2.96 5.54 7.15 26.84 6.86 29.62 29.01
Market Price (%) 7.17 1.27 2.91 5.42 7.03 26.91 6.90 29.00 28.95
Benchmark (%) 7.82 1.32 3.05 5.84 7.49 27.93 8.26 27.09 27.05
After Tax Pre-Liq. (%) 5.78 1.11 2.43 4.43 4.90 19.58 -0.99 12.73 11.47
Bloomberg US Aggregate Bond Index 6.13 1.09 2.03 3.26 2.88 15.53 -2.22 19.98 19.94
After Tax Post-Liq. (%) 4.27 0.76 1.75 3.25 4.17 17.12 1.66 14.67 13.86
  2020 2021 2022 2023 2024
Total Return (%) 3.21 -0.93 -13.61 8.29 6.00
Market Price (%) 3.31 -1.01 -13.57 8.22 6.04
Benchmark (%) 3.14 -0.60 -13.35 8.63 5.95
Bloomberg US Aggregate Bond Index 7.51 -1.54 -13.01 5.53 1.25
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 Dec 12, 2025
$685,060,486
Exchange
Cboe BZX
Benchmark Index
BlackRock Universal Systematic Bond Index
Shares Outstanding
as of Dec 12, 2025
7,650,000
Premium/Discount
as of Dec 12, 2025
0.18
Closing Price
as of Dec 12, 2025
89.71
30 Day Median Bid/Ask Spread
as of Dec 12, 2025
0.02%
Fund Inception
Feb 24, 2015
Asset Class
Fixed Income
Secondary Benchmark
Bloomberg US Aggregate Bond Index
Distribution Frequency
Monthly
CUSIP
46435U796
30 Day Avg. Volume
as of Dec 12, 2025
428,553.00
Daily Volume
as of Dec 12, 2025
61,835.00

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Dec 12, 2025
856
30 Day SEC Yield
as of Dec 11, 2025
4.63%
Standard Deviation (3y)
as of Nov 30, 2025
4.19%
Weighted Avg Coupon
as of Dec 12, 2025
4.10
Effective Duration
as of Dec 12, 2025
6.15 yrs
Option Adjusted Spread
as of Dec 12, 2025
83.66 bps
Equity Beta (3y)
as of Nov 30, 2025
0.22
12m Trailing Yield
as of Dec 11, 2025
4.82%
Average Yield to Maturity
as of Dec 12, 2025
4.98%
Weighted Avg Maturity
as of Dec 12, 2025
8.10 yrs
Convexity
as of Dec 12, 2025
0.50
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for iShares Systematic Bond ETF, as of Nov 30, 2025 rated against 163 Corporate Bond Funds based on risk adjusted total return.

Holdings

Holdings

as of Dec 12, 2025
Issuer Weight (%)
UNITED STATES TREASURY 31.57
UNIFORM MBS 4.75
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 3.91
FEDERAL HOME LOAN MORTGAGE CORPORATION 3.86
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.53
Issuer Weight (%)
JPMORGAN CHASE & CO 0.90
MORGAN STANLEY 0.78
HSBC HOLDINGS PLC 0.58
BANK OF AMERICA CORP 0.54
CCO HOLDINGS LLC 0.54
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.


* Where the fund holds futures, initial margin is reflected in the Cash Collateral USD UBSFT account. The daily variation margin is included in the fund’s USD Cash, and/or Money Market accounts. Both the USD Cash and Money Market accounts may also hold cash from normal portfolio activities.


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. Notional value represents the portfolio's exposures based on the economic value of investments and options are delta-adjusted. 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 Dec 12, 2025

% of Market Value

Type Fund
as of Dec 12, 2025

% 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 Dec 12, 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.

READY TO INVEST?

READY TO INVEST?

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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.

Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

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”).

©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iCRMH1124U/S-3985892

Portfolio Managers

Portfolio Managers

James Mauro
James Mauro
Scott Radell
Scott Radell
Managing Director, Systematic Fixed Income

  

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Scott Radell, Managing Director, is the Head of San Francisco Core Portfolio Management (Core PM) within BlackRock’s Systematic investment team. He is 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. Prior to his current role, he was a portfolio manager responsible for BGI's active investment grade long-only and long-short 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.

Jeffrey Rosenberg, CFA
Jeffrey Rosenberg, CFA
Managing Director, Systematic Fixed Income

   

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Jeffrey Rosenberg, CFA, Managing Director is a senior portfolio manager within BlackRock Systematic. He is the co-lead for Systematic Fixed Income active long-only products including mutual funds, institutional portfolios and ETFs. In this role he serves as a member of the SFI Investment and Executive Committees and as a co-lead portfolio manager for several of our investment products including the Systematic Multi-Strategy Fund and iShares Investment Grade and High Yield Systematic Bond ETFs (IGEB and HYDB).

 

Mr. Rosenberg's service with the firm dates back to 2011, when he joined the Fundamental fixed income group as Chief Investment Strategist for fixed income. In 2016, this role transitioned into the BlackRock Investment Institute. His responsibilities included helping to develop BlackRock's strategic and tactical views on sector allocation within fixed income, currencies and commodities.

 

Prior to joining BlackRock, Mr. Rosenberg spent nearly 10 years at Bank of America Merrill Lynch as the Chief Credit Strategist coordinating strategy across all fixed income, securitized assets, credit, FX and commodities. In addition, Mr. Rosenberg specialized in quantitative credit modeling and developed the first commercialized credit portfolio analytics system from a dealer firm.

 

Mr. Rosenberg earned a Master of Science degree in Computational Finance from Carnegie Mellon, a BA in Mathematics from the Univ. of Minnesota, and a BA in Finance from the Univ. of Wisconsin.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature