Fixed Income

LQDW

iShares Investment Grade Corporate Bond BuyWrite Strategy ETF

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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.
1.11 - - - -1.54
Market Price (%) 1.15 - - - -1.50
Benchmark (%) 1.48 - - - -1.06
After Tax Pre-Liq. (%) -4.19 - - - -7.04
After Tax Post-Liq. (%) 0.60 - - - -3.41
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.81 1.54 1.81 2.29 1.11 - - - -2.49
Market Price (%) 1.80 1.53 1.80 2.34 1.15 - - - -2.42
Benchmark (%) 1.90 1.58 1.90 2.57 1.48 - - - -1.72
After Tax Pre-Liq. (%) 0.58 0.88 0.58 -1.38 -4.19 - - - -11.15
After Tax Post-Liq. (%) 1.06 0.91 1.06 1.31 0.60 - - - -5.47
  2019 2020 2021 2022 2023
Total Return (%) - - - - 3.93
Market Price (%) - - - - 4.00
Benchmark (%) - - - - 4.42
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.

iSHARES MARKET INSIGHT

3 ways bond buy-write ETFs can benefit your portfolio

Learn about buy-write strategies and how they can potentially add income and diversification to your bond portfolios.

Key Facts

Key Facts

Net Assets of Fund as of Apr 19, 2024 $165,828,048
Fund Inception Aug 18, 2022
Exchange Cboe BZX formerly known as BATS
Asset Class Fixed Income
Benchmark Index CBOE LQD BuyWrite Index (USD)
Bloomberg Index Ticker BXLBW
Shares Outstanding as of Apr 19, 2024 5,875,000
Distribution Frequency Monthly
Premium/Discount as of Apr 18, 2024 -0.08
CUSIP 46436E288
Closing Price as of Apr 18, 2024 28.20
30 Day Avg. Volume as of Apr 18, 2024 66,176.00
30 Day Median Bid/Ask Spread as of Apr 18, 2024 0.03%
Daily Volume as of Apr 18, 2024 87,841.00

Click here to see how this fund compares to the underlying fund referenced in the Investment Objective above.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings as of Apr 18, 2024 1
Equity Beta (3y) as of - -
30 Day SEC Yield as of Apr 18, 2024 4.18%
12m Trailing Yield as of Apr 18, 2024 13.86%
Standard Deviation (3y) as of - -
Unsubsidized 30-Day SEC Yield as of Apr 18, 2024 4.18%
Modified Duration to Worst as of Apr 18, 2024 8.08
Average Yield to Maturity as of Apr 18, 2024 5.72%
Weighted Avg Coupon as of Apr 18, 2024 0.00
Weighted Avg Maturity as of Apr 18, 2024 12.78 yrs
Effective Duration as of Apr 18, 2024 8.06 yrs
Convexity as of Apr 18, 2024 -9.59
Distribution Yield as of Apr 18, 2024 10.46%
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 Mar 21, 2024 A
MSCI ESG % Coverage as of Mar 21, 2024 98.66%
MSCI ESG Quality Score (0-10) as of Mar 21, 2024 6.6
MSCI ESG Quality Score - Peer Percentile as of - -
Fund Lipper Global Classification as of Mar 21, 2024 Unclassified
Funds in Peer Group as of Mar 21, 2024 154
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Mar 21, 2024 141.86
MSCI Weighted Average Carbon Intensity % Coverage as of Mar 21, 2024 97.45%
MSCI Implied Temperature Rise (0-3.0+ °C) as of Mar 21, 2024 > 2.5° - 3.0° C
MSCI Implied Temperature Rise % Coverage as of Mar 21, 2024 93.67%

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 Mar 21, 2024, based on holdings as of Feb 29, 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 Apr 18, 2024 1.30%
MSCI - UN Global Compact Violators as of Apr 18, 2024 0.07%
MSCI - Nuclear Weapons as of Apr 18, 2024 1.05%
MSCI - Thermal Coal as of Apr 18, 2024 0.26%
MSCI - Civilian Firearms as of Apr 18, 2024 0.00%
MSCI - Oil Sands as of Apr 18, 2024 0.23%
MSCI - Tobacco as of Apr 18, 2024 1.81%

Business Involvement Coverage as of Apr 18, 2024 94.47%
Percentage of Fund not covered as of Apr 18, 2024 5.53%
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 0.26% and for Oil Sands 2.50%.

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.

Fees

Fees

as of current prospectus
Management Fee 0.20%
Acquired Fund Fees and Expenses 0.14%
Other Expenses 0.00%
Expense Ratio 0.34%

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

Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares 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 Strike price
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 (%) Accrual Date Strike price Type 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 Apr 18, 2024

% of Market Value

Type Fund
as of Apr 18, 2024

% 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 Apr 18, 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.

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Literature

Literature