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BINC

iShares Flexible Income Active ETF

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NAV as of Nov 22, 2024 $52.48
52 WK: 50.70 - 53.39
1 Day NAV Change as of Nov 22, 2024 0.00 (-0.01%)
NAV Total Return as of Nov 21, 2024 YTD: 5.61%
SILVER

Fees as stated in the prospectus Expense Ratio: 0.53%
Net Expense Ratio: 0.40%

Overview

Why BINC?

1. Income: nimble multisector approach that seeks to maximize income

2. Direct access: to harder-to-reach fixed income sectors through an experienced investment team led by Rick Rieder, Morningstar’s 2023 Outstanding Portfolio Manager*

3. Cost effective: low cost, active fixed income solution

^*Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income, was granted the 2023 Morningstar Award for Investing Excellence: Outstanding Portfolio Manager. https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2023/Winners-Announced-for-2023-U.S.-Morningstar-Awards-for-Investing-Excellence/default.aspx

INVESTMENT OBJECTIVE

The iShares Flexible Income Active ETF seeks to maximize long-term income by primarily investing in debt and income-producing securities with a secondary objective of capital appreciation.

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000

iShares Flexible Income 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 (%)	12.15	-	-	-	10.03
Market Price (%)	11.99	-	-	-	10.28
Benchmark (%)	12.08	-	-	-	6.69
After Tax Pre-Liq. (%)	9.72	-	-	-	7.89
After Tax Post-Liq. (%)	7.11	-	-	-	6.71

Performance data is not currently available

	YTD	1m	3m	6m	1y	3y	5y	10y	Incept.
Total Return (%)	6.13	1.12	3.99	4.96	12.15	-	-	-	13.99
Market Price (%)	5.92	1.12	4.05	4.92	11.99	-	-	-	14.34
Benchmark (%)	4.91	1.37	5.20	5.40	12.08	-	-	-	9.24
After Tax Pre-Liq. (%)	4.68	0.92	3.37	3.77	9.72	-	-	-	10.96
After Tax Post-Liq. (%)	3.60	0.66	2.35	2.91	7.11	-	-	-	9.31

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. 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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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.

iCRMH0424U/S-3489128

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Key Facts

Net Assets of Fund

as of Nov 22, 2024

$6,376,606,401

Exchange

NYSE Arca

Benchmark Index

BBG U.S. Universal Index

Distribution Frequency

Monthly

CUSIP

092528603

30 Day Avg. Volume

as of Nov 22, 2024

892,927.00

Daily Volume

as of Nov 22, 2024

634,834.00

Fund Inception

May 19, 2023

Asset Class

Fixed Income

Shares Outstanding

as of Nov 22, 2024

121,500,000

Premium/Discount

as of Nov 22, 2024

0.30

Closing Price

as of Nov 22, 2024

52.64

30 Day Median Bid/Ask Spread

as of Nov 22, 2024

0.02%

Portfolio Characteristics

Number of Holdings

as of Nov 22, 2024

2,866

30 Day SEC Yield

as of Nov 21, 2024

5.60%

Standard Deviation (3y)

as of -

-

Average Yield to Maturity

as of Nov 21, 2024

6.13%

Weighted Avg Maturity

as of Nov 21, 2024

4.43 yrs

Convexity

as of Nov 21, 2024

-0.20

Equity Beta (3y)

as of -

-

12m Trailing Yield

as of Nov 21, 2024

5.55%

Unsubsidized 30-Day SEC Yield

as of Nov 21, 2024

5.48%

Weighted Avg Coupon

as of Nov 21, 2024

5.69

Effective Duration

as of Nov 21, 2024

3.04 yrs

Option Adjusted Spread

as of Nov 21, 2024

173.52 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 Nov 21, 2024

0.01%

MSCI - Nuclear Weapons

as of Nov 21, 2024

0.01%

MSCI - Civilian Firearms

as of Nov 21, 2024

0.03%

MSCI - Tobacco

as of Nov 21, 2024

0.00%

MSCI - UN Global Compact Violators

as of Nov 21, 2024

0.07%

MSCI - Thermal Coal

as of Nov 21, 2024

0.00%

MSCI - Oil Sands

as of Nov 21, 2024

0.00%

Business Involvement Coverage

as of Nov 21, 2024

29.35%

Percentage of Fund not covered

as of Nov 21, 2024

70.65%

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 0.20% and for Oil Sands 0.19%.

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	0.50%
Acquired Fund Fees and Expenses	0.03%
Other Expenses	0.00%
Expense Ratio	0.53%

Fee Waivers	0.13%

Net Expense Ratio	0.40%

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 Medalist Rating

Morningstar has awarded the Fund a Silver medal. (Effective Sep 30, 2024)

Analyst-Driven % as of Sep 30, 2024

55.00

Data Coverage % as of Sep 30, 2024

88.00

as of Nov 21, 2024

Issuer	Weight (%)
UNIFORM MBS	5.75
ISHARES IBOXX DOLLAR HIGH YIELD CORPORATE BOND FUND	2.69
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT)	1.71
COLOMBIA (REPUBLIC OF)	1.17
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)	1.05

Issuer	Weight (%)
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF	0.69
POWERSHARES SENIOR LOAN PORTFOLIO	0.59
SPDR BLACKSTONE/GSO SENIOR LOAN	0.58
BARCLAYS PLC	0.47
SOUTH AFRICA (REPUBLIC OF)	0.46

Ticker	Name	Type	Sector	Asset Class	Market Value	Weight (%)	Notional Value	Quantity	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

Detailed Holdings and Analytics

Cash Flows

Holdings are subject to change. * Where the fund holds futures or swaps, initial margin is reflected in the Cash Collateral USD UBSFT account. The daily variation margin is included in the fund’s USD Cash, and/or Money Market accounts. Both the USD Cash and Money Market accounts may also hold cash from normal portfolio activities.

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.

The “SYNTH” included in the Holdings table above are swaptions held by the Fund.

Exposure Breakdowns

as of Nov 21, 2024

% of Market Value

Type	Fund

Show More Show Less

as of Nov 21, 2024

% of Market Value

Type	Fund

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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 Nov 21, 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 Nov 21, 2024

% of Market Value

Type	Fund

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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.

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.

iCRMH0424U/S-3489128

Portfolio Managers

Chief Investment Officer of Global Fixed Income

Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.

Responsible for managing roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment Sub-Committee. He also is Chairman of the firm-wide BlackRock Investment Council.

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014 and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013.

Mr. Rieder has served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. From 1987 to 2008, he was with Lehman Brothers where he was head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy outreach program, Graduation Generation. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, NJ. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation in Atlanta, and Trustee for the U.S. Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Managing Director

Jacob Caplain, Managing Director, is Head of Strategy for Global Fixed Income multi-sector yield and closed-end funds.

Managing Director, Co-Head of Securitized Assets & Head of CMBS

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has led the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is a member of various BlackRock Investment Committees including the Commercial Mortgage Loan Committee within Fixed Income and the Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, where he invested in securitized assets including ABS, CMBS, CLO's and Specialty Finance transactions. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018. Mr. Lakhani earned a B.S. Degree in Economics and a B.S. Degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

Director

Vice President, Global Fixed Income Group

Charlotte is also a co-author of the Rick Rieder Monthly Markets Call and is a member of the Global Fixed Income team’s ESG Implementation Committee.

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

Morningstar Medalist Rating

Holdings

Holdings

Exposure Breakdowns

Exposure Breakdowns

READY TO INVEST?

READY TO INVEST?

Portfolio Managers

Portfolio Managers

Literature

Literature