Fixed Income

CALY

BlackRock Short-Term California Muni 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.
- - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
After Tax Pre-Liq. (%) - - - - -
After Tax Post-Liq. (%) - - - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
0.33 0.11 0.33 2.32 - - - - 2.31
Market Price (%) 0.40 0.32 0.40 2.46 - - - - 2.46
Benchmark (%) 0.27 0.05 0.27 2.04 - - - - 2.10
After Tax Pre-Liq. (%) 0.33 0.11 0.33 2.32 - - - - 2.31
After Tax Post-Liq. (%) 0.42 0.17 0.42 2.03 - - - - 2.16
  2019 2020 2021 2022 2023
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 Jun 14, 2024
$32,574,630
Exchange
NASDAQ
Benchmark Index
Bloomberg CA IG Only 0-2yr Index
Distribution Frequency
Monthly
CUSIP
092528884
30 Day Avg. Volume
as of Jun 14, 2024
8,202.00
Daily Volume
as of Jun 14, 2024
2,743.00
Fund Inception
Jul 11, 2023
Asset Class
Fixed Income
Shares Outstanding
as of Jun 14, 2024
650,000
Premium/Discount
as of Jun 14, 2024
0.18
Closing Price
as of Jun 14, 2024
50.21
30 Day Median Bid/Ask Spread
as of Jun 14, 2024
0.12%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 14, 2024
47
30 Day SEC Yield
as of Jun 13, 2024
3.30%
Standard Deviation (3y)
as of -
-
Average Yield to Maturity
as of Jun 13, 2024
3.18%
Weighted Avg Coupon
as of Jun 13, 2024
4.21
Effective Duration
as of Jun 13, 2024
0.81 yrs
Option Adjusted Spread
as of Jun 13, 2024
15.11 bps
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Apr 30, 2024
-
Unsubsidized 30-Day SEC Yield
as of Jun 13, 2024
3.25%
Tax Equiv. SEC Yield
as of Jun 13, 2024
7.20%
Weighted Avg Maturity
as of Jun 13, 2024
0.87 yrs
Convexity
as of Jun 13, 2024
0.00
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% (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. MSCI Ratings are currently unavailable for this fund.

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 Jun 13, 2024
0.00%
MSCI - Nuclear Weapons
as of Jun 13, 2024
0.00%
MSCI - Civilian Firearms
as of Jun 13, 2024
0.00%
MSCI - Tobacco
as of Jun 13, 2024
0.00%
MSCI - UN Global Compact Violators
as of Jun 13, 2024
0.00%
MSCI - Thermal Coal
as of Jun 13, 2024
0.00%
MSCI - Oil Sands
as of Jun 13, 2024
0.00%

Business Involvement Coverage
as of Jun 13, 2024
8.91%
Percentage of Fund not covered
as of Jun 13, 2024
91.09%
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 0.00%.

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.

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. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's 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, where appropriate.

Fees

Fees

as of current prospectus
Management Fee 0.25%
Acquired Fund Fees and Expenses 0.01%
Other Expenses 0.00%
Expense Ratio 0.26%
Fee Waivers 0.06%
Net Expense Ratio 0.20%

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 Jun 13, 2024
Issuer Weight (%)
CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY 4.12
CALIFORNIA STATE PUBLIC WORKS BOARD 4.06
AIRPORT COMMISSION OF THE CITY AND COUNTY OF SAN FRANCISCO 2.60
NORTHERN CALIF ENERGY AUTH 2.35
PALM SPRINGS CALIF UNI SCH DIST 2.35
Issuer Weight (%)
LOS ANGELES DEPARTMENT OF AIRPORTS LOS ANGELES INTERNATIONAL AIR 2.22
BURBANK CALIF WTR & PWR ELEC 2.06
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY 1.80
CONTRA COSTA WATER DISTRICT 1.71
SACRAMENTO CALIF CITY UNI SCH DIST 1.61
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
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 Jun 13, 2024

% 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, excluding currency holdings. Percentages do not reflect fair valuation. In some instances, percentages may reflect the location where the issuer of the securities carries out much of their business. Bonds are included in U.S. bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer.
as of Jun 13, 2024

% of Market Value

Type Fund
as of Jun 13, 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 Jun 13, 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 06/14/24
Price $50.21
-5.00%
Modified Duration 1.07 years

Spread of ACF Yield (-5.00%) over 1.00 yr Treasury Yield (-4.00%) As of 06/14/24 is 100 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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Portfolio Managers

Portfolio Managers

Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

Christian Romaglino, CFA
Director, Portfolio Manager, Municipal Mutual Funds

   

Mei Chan
Mei Chan

Literature

Literature