Fixed Income

SHYM

iShares High Yield Muni Income Active ETF

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  • NAV as of Mar 31, 2025 $22.62
    52 WK: 21.95 - 23.08
  • 1 Day NAV Change as of Mar 31, 2025 0.07 (0.31%)
  • Morningstar Rating
  • Fees as stated in the prospectus Expense Ratio: 0.46%
    Net Expense Ratio: 0.35%

On September 13, 2024, the Board of Trustees of the Fund approved a change in the name of the "BlackRock High Yield Muni Income Bond ETF" to “iShares Short Duration High Yield Muni Active ETF” and certain changes to the Fund’s investment strategies, management fee, and contractual management fee waiver. In addition, Fund management has determined to make certain changes to the benchmark indices against which the Fund compares its performance. All of these changes are expected to become effective on or about June 30, 2025. In addition to the above changes, effective February 10, 2025, the Fund’s ticker will change from HYMU to SHYM.

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Chart
Line chart with 1016 data points.
The chart has 1 X axis displaying Time. Range: 2021-03-16 00:00:00 to 2025-03-28 00:00:00.
The chart has 1 Y axis displaying values. Range: -20 to 20.
YTD6M1Y3Y5Y10YAll
End of interactive chart.
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

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Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 6.83 -0.52 - - 1.44
Market Price (%) 6.99 -0.47 - - 1.54
Benchmark (%) 6.32 0.30 - - 1.70
After Tax Pre-Liq. (%) 6.79 -0.56 - - 1.32
After Tax Post-Liq. (%) 5.85 0.47 - - 1.90
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom 5.51 0.19 - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.83 -1.42 -0.78 2.50 6.83 -1.55 - - 5.59
Market Price (%) 6.99 -1.62 -0.84 2.61 6.99 -1.41 - - 5.96
Benchmark (%) 6.32 -1.66 -1.08 2.09 6.32 0.90 - - 6.61
After Tax Pre-Liq. (%) 6.79 -1.43 -0.79 2.48 6.79 -1.66 - - 5.09
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom 5.51 -1.67 -1.12 1.98 5.51 0.56 - - -
After Tax Post-Liq. (%) 5.85 -0.55 0.11 2.50 5.85 1.43 - - 7.42
  2020 2021 2022 2023 2024
Total Return (%) - - -15.99 9.70 6.83
Market Price (%) - - -15.95 9.64 6.99
Benchmark (%) - - -13.10 9.21 6.32
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom - - -12.55 9.00 5.51
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. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.
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Key Facts

Key Facts

Net Assets of Fund
as of Mar 31, 2025
$316,732,643
Exchange
Cboe BZX
Benchmark Index
BBG Municipal High Yield Bond Index (Risk Basis: MUNI) (USD)
Shares Outstanding
as of Mar 31, 2025
14,000,000
Premium/Discount
as of Mar 28, 2025
0.34
Closing Price
as of Mar 28, 2025
22.63
30 Day Median Bid/Ask Spread
as of Mar 28, 2025
0.13%
Fund Inception
Mar 16, 2021
Asset Class
Fixed Income
Secondary Benchmark
BBG Muni 80% HY + 10% Muni BBB + 10% Muni A Custom
Distribution Frequency
Monthly
CUSIP
092528108
30 Day Avg. Volume
as of Mar 28, 2025
127,826.00
Daily Volume
as of Mar 28, 2025
64,302.00

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Mar 28, 2025
383
30 Day SEC Yield
as of Mar 28, 2025
4.76%
Standard Deviation (3y)
as of Feb 28, 2025
10.81%
Average Yield to Maturity
as of Mar 28, 2025
5.12%
Weighted Avg Coupon
as of Mar 28, 2025
5.37
Effective Duration
as of Mar 28, 2025
7.22 yrs
Option Adjusted Spread
as of Mar 28, 2025
141.71 bps
Equity Beta (3y)
as of Feb 28, 2025
0.47
12m Trailing Yield
as of Mar 28, 2025
4.33%
Unsubsidized 30-Day SEC Yield
as of Mar 28, 2025
4.65%
Tax Equiv. SEC Yield
as of Mar 28, 2025
8.05%
Weighted Avg Maturity
as of Mar 28, 2025
11.40 yrs
Convexity
as of Mar 28, 2025
-0.52
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 0.45%
Acquired Fund Fees and Expenses 0.01%
Other Expenses 0.00%
Expense Ratio 0.46%
Fee Waivers 0.11%
Net Expense Ratio 0.35%

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

Morningstar Rating

4 stars
Overall Morningstar Rating for iShares High Yield Muni Income Active ETF, as of Feb 28, 2025 rated against 180 High Yield Muni Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Feb 28, 2025)
Analyst-Driven % as of Feb 28, 2025
55.00
Data Coverage % as of Feb 28, 2025
88.00

Holdings

Holdings

as of Mar 28, 2025
Issuer Weight (%)
NEW YORK TRANSPORTATION DEVELOPMENT CORP 6.83
PUBLIC FINANCE AUTHORITY WISCONSIN 5.05
PUERTO RICO SALES TAX FINANCING CORP 4.18
FLORIDA DEVELOPMENT FINANCE CORP 3.70
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK 3.30
Issuer Weight (%)
PUERTO RICO COMMONWEALTH OF (GOVERNMENT) 2.54
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT 2.02
LAKES OF SARASOTA CMNTY DEV DIST 2 1.97
NATIONAL FINANCE AUTHORITY NH 1.92
METROPOLITAN TRANSPORTATION AUTHORITY 1.62
Detailed Holdings and Analytics
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 Mar 28, 2025

% of Market Value

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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 Mar 28, 2025

% of Market Value

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as of Mar 28, 2025

% of Market Value

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 Mar 28, 2025

% of Market Value

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.

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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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

Kevin Maloney, CFA
Kevin Maloney, CFA
Managing Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

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Kevin Maloney, CFA, Managing Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

Patrick Haskell
Patrick Haskell
Head of the Municipal Bond Group within the Portfolio Management Group (PMG) as well as Global Head of the Financial Institutions Group (FIG) Investments Business and the Global Liability Driven Investment (LDI) Business

    

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Patrick O. Haskell, Managing Director, is Head of the Municipal Bond Group within the Portfolio Management Group (PMG) as well as Global Head of Financial Institutions Group Investments Business, and the Global LDI Business. He is a member of the PMG Executive Committee and BlackRock's Global Operating Committee.

Prior to this role, Mr. Haskell was Head of the Municipal Securities group and Co-Head of Retail Capital Markets at Morgan Stanley. Prior to that, Mr. Haskell ran Credit Trading, Americas which included Securitized Products Group, Corporate Credit and Municipal Securities. Prior to that, Mr. Haskell was Head of Liquid Rates Products in North, America which included U.S. Government Bonds, Agency Debentures, Mortgage-backed Securities and Interest Rates Swaps.

Prior to joining Morgan Stanley, Mr. Haskell was Chairman and CEO of Ecosphere Technologies, which he joined in 2008. Ecosphere Technologies is a diversified water technology company. Ecosphere pioneered a green, chemical-free solution to cleaning water called “Ozonix”. While Pat was at Ecosphere, the company brought the product to the Shale Gas fields to help remediate the water used in the “Fracking” process.

Mr. Haskell joined Ecosphere Technologies from Credit Suisse First Boston, where he started his career in Municipal Bond Sales. He was named Head of the U.S. Government Bond Trading in 2000. In 2001, Mr. Haskell was named Managing Director. he finished his time at CSFB as Head of Interest Rate trading in the U.S. and was a member of the Fixed Income Operating Committee. In 2005, Mr. Haskell joined HSBC as a Managing Director and Head of North American Rates Sales and Trading. He was a member of the North American Markets Management Committee. Mr. Haskell was the Board Chair of Tradeweb from 2016, until its IPO in 2019.

Mr. Haskell served as Chairman of the Primary Dealer Committee of SIFMA from 2003-2004. He currently serves on the board of Boy’s Hope/Girl’s Hope NYC, and recently stepped down as Board Chair. He and his family are also very involved with North Shore Holiday House, where his wife is a long time Board member.

Mr. Haskell earned a BA in Economics from Union College in 1994. He continues to be involved in Union College as a member of the Terrace Council and the President’s Council.

James Mauro
James Mauro
Ryan McDonald, CFA
Ryan McDonald, CFA
Managing Director, Portfolio Manager, Municipal Mutual Funds

    

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Ryan McDonald, CFA, Managing Director, is Head of the Municipal High Yield Franchise and a Portfolio Manager in BlackRock’s Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research and trading activities. Prior to becoming a Portfolio Manager, Mr. McDonald was a high yield credit research analyst with a particular focus on distressed securities and special situations in the municipal market.

 

Prior to joining BlackRock in 2014, Mr. McDonald was a vice president at Moelis & Co. where his responsibilities included the analysis of distressed municipal bonds and derivative products. His work also encompassed the analysis of monoline insurers and their various municipal/structured finance exposures. Prior to Moelis, Mr. McDonald was a financial analyst at MAEVA Group, LLC where he was responsible for analyzing state and local pension plans and making restructuring recommendations. Prior to MAEVA, Mr. McDonald spent 8 years at JPMorgan where he worked in both the Public Finance and Structured Credit areas.

 

Mr. McDonald graduated summa cum laude from the University of Notre Dame in 2004.

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

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Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.