Fixed Income

INMU

BlackRock Intermediate Muni Income 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.
-6.45 - - - -3.29
Market Price (%) -6.24 - - - -2.89
Benchmark (%) -6.13 - - - -4.31
After Tax Pre-Liq. (%) -6.55 - - - -3.38
After Tax Post-Liq. (%) -3.30 - - - -2.26
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
-6.96 -0.96 -2.00 -6.96 -6.45 - - - -4.24
Market Price (%) -6.83 -0.59 -1.88 -6.83 -6.24 - - - -3.72
Benchmark (%) -6.37 -0.71 -1.29 -6.37 -6.13 - - - -5.53
After Tax Pre-Liq. (%) -6.96 -0.96 -2.00 -6.96 -6.55 - - - -4.35
After Tax Post-Liq. (%) -3.90 -0.52 -1.04 -3.90 -3.30 - - - -2.91
  2017 2018 2019 2020 2021
Total Return (%) - - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
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 Aug 12, 2022 $33,599,552
Fund Inception Mar 16, 2021
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index BBG Municipal Bond 1-15Yr Index (Risk Basis: MUNI)
Shares Outstanding as of Aug 12, 2022 1,400,000
Distribution Frequency Monthly
Premium/Discount as of Aug 12, 2022 0.29
CUSIP 092528207
Closing Price as of Aug 12, 2022 24.07
30 Day Avg. Volume as of Aug 12, 2022 4,425.00
30 Day Median Bid/Ask Spread as of Aug 12, 2022 0.13%
Daily Volume as of Aug 12, 2022 1,150.00

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Aug 12, 2022 114
Equity Beta (3y) as of - -
30 Day SEC Yield as of Aug 11, 2022 2.30%
12m Trailing Yield as of Aug 11, 2022 1.38%
Standard Deviation (3y) as of - -
Unsubsidized 30-Day SEC Yield as of Aug 11, 2022 2.20%
Average Yield to Maturity as of Aug 11, 2022 3.03%
Tax Equiv. SEC Yield as of - -
Weighted Avg Coupon as of Aug 11, 2022 3.61
Weighted Avg Maturity as of Aug 11, 2022 5.27 yrs
Effective Duration as of Aug 11, 2022 4.82 yrs
Convexity as of Aug 11, 2022 0.11
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.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG information is considered as part of the overall investment process.


Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Management Fee 0.40%
Acquired Fund Fees and Expenses 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio 0.40%
Fee Waivers 0.10%
Net Expense Ratio 0.30%

Ratings

Holdings

Holdings

as of Aug 11, 2022
Issuer Weight (%)
METROPOLITAN TRANSPORTATION AUTHORITY 2.80
COLORADO HEALTH FACILITIES AUTHORITY 2.36
TENNESSEE ENERGY ACQUISITION CORP 2.35
NEW YORK TRANSPORTATION DEVELOPMENT CORP 2.24
MICHIGAN STATE FINANCE AUTHORITY 2.14
Issuer Weight (%)
ILLINOIS FINANCE AUTHORITY 1.88
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY 1.73
MISSISSIPPI (STATE OF) 1.67
NEW JERSEY (STATE OF) 1.65
NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 1.64
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”). 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 Aug 11, 2022

% 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. Bonds are included in US bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer. 
as of Aug 11, 2022

% of Market Value

Type Fund
as of Aug 11, 2022

% 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 Aug 11, 2022

% 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 08/12/22
Price $24.07
3.32%
Modified Duration 4.55 years

Spread of ACF Yield (3.32%) over 5.00 yr Treasury Yield (3.00%) As of 08/12/22 is + 32 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.

Portfolio Managers

Portfolio Managers

James Mauro
James Mauro
Christian Romaglino
Christian Romaglino
Phillip Soccio
Phillip Soccio

Literature

Literature

 

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