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CLOA

iShares AAA CLO Active ETF

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NAV as of Dec 20, 2024 $51.62
52 WK: 51.09 - 51.96
1 Day NAV Change as of Dec 20, 2024 0.01 (0.02%)
NAV Total Return as of Dec 19, 2024 YTD: 7.09%
NEUTRAL

Fees as stated in the prospectus Expense Ratio: 0.20%

Overview

Why CLOA?

1. Leverages the expertise of the Global Fundamental Credit CLO Tranche team

2. Potential for higher income with low volatility compared to fixed-rate investment grade bonds¹

3. Low cost access to high quality AAA CLO’s

¹Source: JP Morgan, BlackRock, Bloomberg as of 11/30/22. AAA CLOs as represented by the JP Morgan CLOIE Index. Fixed-rate investment grade bonds as represented by the Bloomberg US Aggregate Index ("Agg"). The 5y standard deviation of monthly returns for the JP Morgan CLOIE index is 2.9% (source JP Morgan). The 5y standard deviation of monthly returns for the Agg is 5.0% (source: Bloomberg). Past performance is not indicative of future results.

INVESTMENT OBJECTIVE

The iShares AAA CLO Active ETF (the “Fund”) seeks to provide capital preservation and current income by investing principally in a portfolio composed of U.S. dollar-denominated AAA-rated collateralized loan obligations (“CLOs”).

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000

iShares AAA CLO Active ETF ($)

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

Record Date	Ex-Date	Payable Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Premium/Discount

Returns

	1y	3y	5y	10y	Incept.
Total Return (%)	7.90	-	-	-	8.24
Market Price (%)	7.69	-	-	-	8.31
Benchmark (%)	7.69	-	-	-	8.05
After Tax Pre-Liq. (%)	5.24	-	-	-	5.73
After Tax Post-Liq. (%)	4.61	-	-	-	5.21

Performance data is not currently available

	YTD	1m	3m	6m	1y	3y	5y	10y	Incept.
Total Return (%)	5.55	0.59	1.66	3.57	7.90	-	-	-	14.63
Market Price (%)	5.51	0.53	1.61	3.58	7.69	-	-	-	14.74
Benchmark (%)	5.39	0.59	1.68	3.48	7.69	-	-	-	14.28
After Tax Pre-Liq. (%)	3.85	0.36	1.02	2.28	5.24	-	-	-	10.08
After Tax Post-Liq. (%)	3.26	0.35	0.98	2.10	4.61	-	-	-	9.15

Performance data is not currently available

	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.

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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.

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Key Facts

Net Assets of Fund

as of Dec 20, 2024

$645,282,818

Exchange

NASDAQ

Benchmark Index

JP Morgan CLOIE AAA Index (USD)

Distribution Frequency

Monthly

CUSIP

092528504

30 Day Avg. Volume

as of Dec 20, 2024

115,862.00

Daily Volume

as of Dec 20, 2024

92,772.00

Fund Inception

Jan 10, 2023

Asset Class

Fixed Income

Shares Outstanding

as of Dec 20, 2024

12,500,000

Premium/Discount

as of Dec 20, 2024

0.07

Closing Price

as of Dec 20, 2024

51.66

30 Day Median Bid/Ask Spread

as of Dec 20, 2024

0.02%

Portfolio Characteristics

Number of Holdings

as of Dec 19, 2024

238

30 Day SEC Yield

as of Dec 19, 2024

5.98%

Standard Deviation (3y)

as of -

-

Weighted Avg Coupon

as of Dec 19, 2024

6.17

Effective Duration

as of Dec 19, 2024

0.12 yrs

Equity Beta (3y)

as of -

-

12m Trailing Yield

as of Dec 19, 2024

5.99%

Average Yield to Maturity

as of Dec 19, 2024

5.86%

Weighted Avg Maturity

as of Dec 19, 2024

3.47 yrs

Option Adjusted Spread

as of Dec 19, 2024

120.03 bps

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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 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 Dec 19, 2024

0.00%

MSCI - Nuclear Weapons

as of Dec 19, 2024

0.00%

MSCI - Civilian Firearms

as of Dec 19, 2024

0.00%

MSCI - Tobacco

as of Dec 19, 2024

0.00%

MSCI - UN Global Compact Violators

as of Dec 19, 2024

0.00%

MSCI - Thermal Coal

as of Dec 19, 2024

0.00%

MSCI - Oil Sands

as of Dec 19, 2024

0.00%

Business Involvement Coverage

as of Dec 19, 2024

1.72%

Percentage of Fund not covered

as of Dec 19, 2024

98.28%

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

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.

Fees

as of current prospectus

Management Fee	0.20%
Acquired Fund Fees and Expenses	0.00%
Other Expenses	0.00%
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".

Ratings

as of Dec 19, 2024

Issuer	Weight (%)
OCP_20-19R-A1R	1.27
BGCLO_22-4AR-A1R	0.92
CIFC_20-4AR-A1R	0.89
APID_15-20A-A2RR	0.88
SIXST_21-17A-A	0.83

Issuer	Weight (%)
GOCAP_58-A1	0.83
WBOX_19-1AR-A1RR	0.82
AGL_21-12A-A1	0.81
WELLI_24-3A-A1	0.80
RAD_23-22A-A1	0.80

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

Cash Flows

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

as of Dec 19, 2024

% of Market Value

Type	Fund

Show More Show Less

as of Dec 19, 2024

% of Market Value

Type	Fund

Show More Show Less

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 19, 2024

% of Market Value

Type	Fund

Show More Show Less

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

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 12/20/24
Price		$51.66
		3.36%
Modified Duration		2.93 years
Spread of ACF Yield (3.36%) over 3.00 yr Treasury Yield (4.34%) As of 12/20/24 is 98 bps
Data error, please try again later

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.

READY TO INVEST?

There are many ways to access iShares ETFs. Learn how you can add them to your portfolio.

Learn More Learn More

Contact your advisor

Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

Buy through your brokerage

iShares funds are available through online brokerage firms.

All iShares ETFs and ETPs trade commission free online through Fidelity.

By clicking on the button below, you will leave BlackRock’s website.

Buy now on Fidelity

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

Managing Director, Global Head of Structured Credit

Saffet Ozbalci, Managing Director, Global Head of Structured Credit within BlackRock’s Fundamental Fixed Income platform.

Tyler Debussey

Director

Peter Hirsh, Director, is a member of BlackRock’s Fundamental Fixed Income platform.

Director

Nidhi Patel, Director, is a member of BlackRock’s Fundamental Fixed Income platform.

Literature

Data Download

Performance

Performance

Growth of Hypothetical $10,000

Distributions

Premium/Discount

Returns

READY TO INVEST?

READY TO INVEST?

GAIN THE ADVANTAGE OF REAL-TIME EXPERT PORTFOLIO MANAGEMENT

Key Facts

Key Facts

Portfolio Characteristics

Portfolio Characteristics

Sustainability Characteristics

Sustainability Characteristics

Business Involvement

Business Involvement

ESG Integration

ESG Integration

Fees

Fees

Ratings

Ratings

Holdings

Holdings

Exposure Breakdowns

Exposure Breakdowns

Price Yield Calculator

Price Yield Calculator

READY TO INVEST?

READY TO INVEST?

Portfolio Managers

Portfolio Managers

Literature

Literature