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iShares High Yield Systematic Bond ETF
ETF
HYDB
Payout Change
Pending
Price as of:
$47.85
+0.17
+0.36%
primary theme
High Yield Bond
HYDB (ETF)
iShares High Yield Systematic Bond ETF
Payout Change
Pending
Price as of:
$47.85
+0.17
+0.36%
primary theme
High Yield Bond
HYDB (ETF)
iShares High Yield Systematic Bond ETF
Payout Change
Pending
Price as of:
$47.85
+0.17
+0.36%
primary theme
High Yield Bond
Name
As of 11/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
9.8%
1 yr return
12.8%
3 Yr Avg Return
4.6%
5 Yr Avg Return
5.4%
Net Assets
$600 M
Holdings in Top 10
29.2%
52 WEEK LOW AND HIGH
$47.7
$45.43
$48.06
Expenses
OPERATING FEES
Expense Ratio 0.35%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 67.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/27/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
HYDB - Profile
Distributions
- YTD Total Return 9.8%
- 3 Yr Annualized Total Return 4.6%
- 5 Yr Annualized Total Return 5.4%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.37%
- Dividend Yield 7.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameiShares High Yield Systematic Bond ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateJul 11, 2017
-
Shares Outstanding2700000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Mauro
Fund Description
The Fund seeks to track the investment results of the BlackRock High Yield Systematic Bond Index (the “Underlying Index”), which consists of U.S. dollar-denominated, high yield (as determined by BlackRock Index Services, LLC (the “Index Provider”)) corporate bonds. Component securities include publicly-issued debt of U.S. corporate issuers, U.S. dollar-denominated, publicly issued debt of non-U.S. corporate issuers, and bonds offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”) with or without registration rights. As of February 29, 2024, a significant portion of the Underlying Index is represented by securities of companies in the consumer cyclical, energy and financials industries or sectors. The components of the Underlying Index are likely to change over time.
The securities in the Underlying Index must have $350 million or more current face amount outstanding, and have at least one year to final maturity, regardless of optionality, at time of rebalance. In addition, the securities in
the Underlying Index must be denominated in U.S. dollars and have a fixed-rate, although they can carry a coupon that steps-up (i.e., or changes according to a predetermined schedule), and must be rated below investment-grade, which is below Baa3 by Moody’s Investors Service, Inc. “Moody's”) or below BBB- by Standard & Poor's® Global Ratings, a subsidiary of S&P Global (“S&P Global Ratings”) or Fitch Ratings, Inc. (“Fitch”). Eligibility in the Underlying Index is determined by the middle of the three available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine eligibility in the Underlying Index.
The Underlying Index determines constituent weights based on a proprietary methodology which first aims to systematically screen out certain bonds with the highest probability of default (a measure of credit quality) and then optimizes to improve risk-adjusted returns by weighting more heavily to bonds with attractive default-adjusted spreads (a measure of value) while mitigating portfolio risks and limiting turnover. This methodology, unlike the methodologies used by traditional market-value-weighted bond indexes, selects a portion of the component bonds from the broader universe of high yield bonds based on application of analytics measuring the probability of default. The resulting grouping of bonds is referred to as “defensive,” by comparison to other groupings of high yield bonds, because those included in the Underlying Index possess specific characteristics that the index methodology identifies as reducing the
risk of default. Key investment characteristics such as duration are constrained to be within a specified range of a broader market-value-weighted high yield bond universe. The Underlying Index is rebalanced on the last business day of each month to reflect changes in eligibility, credit quality and valuation. High yield bonds included in the Underlying Index, like all high yield debt, continue to be subject to a number of risks, including the risk of an issuer default and volatility of the market value of the bonds.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return
variability, duration (i.e., a security's price sensitivity to a change in interest rates), maturity or credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is sponsored by the Index Provider, an affiliated person of the Fund and of BFA, the Fund's investment adviser. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.
HYDB - Performance
Return Ranking - Trailing
| Period | HYDB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.8% | -8.0% | 17.8% | 8.69% |
| 1 Yr | 12.8% | -2.6% | 19.5% | 33.44% |
| 3 Yr | 4.6%* | -14.0% | 21.7% | 10.40% |
| 5 Yr | 5.4%* | -11.3% | 37.3% | 11.37% |
| 10 Yr | N/A* | -5.1% | 20.1% | 10.42% |
* Annualized
Return Ranking - Calendar
| Period | HYDB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.0% | -4.7% | 14.3% | 25.74% |
| 2022 | -15.2% | -33.4% | 3.6% | 44.54% |
| 2021 | 0.3% | -8.4% | 8.2% | 40.21% |
| 2020 | 1.0% | -13.2% | 302.7% | 26.02% |
| 2019 | 9.6% | -4.4% | 13.3% | 11.66% |
Total Return Ranking - Trailing
| Period | HYDB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.8% | -8.0% | 17.8% | 8.69% |
| 1 Yr | 12.8% | -2.6% | 19.5% | 33.44% |
| 3 Yr | 4.6%* | -14.0% | 21.7% | 10.40% |
| 5 Yr | 5.4%* | -11.3% | 37.3% | 11.37% |
| 10 Yr | N/A* | -5.1% | 20.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | HYDB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 14.0% | -4.7% | 18.7% | 9.67% |
| 2022 | -10.0% | -33.4% | 47.8% | 38.25% |
| 2021 | 5.1% | -8.4% | 12.4% | 47.25% |
| 2020 | 7.4% | -9.6% | 325.6% | 16.11% |
| 2019 | 16.1% | -3.8% | 19.4% | 9.29% |
HYDB - Holdings
Concentration Analysis
| HYDB | Category Low | Category High | HYDB % Rank | |
|---|---|---|---|---|
| Net Assets | 600 M | 3.13 M | 25.3 B | 47.06% |
| Number of Holdings | 266 | 2 | 3879 | 68.14% |
| Net Assets in Top 10 | 191 M | -492 M | 5.25 B | 34.15% |
| Weighting of Top 10 | 29.18% | 4.2% | 146.0% | 8.54% |
Top 10 Holdings
- BlackRock Cash Funds: Institutional, SL Agency Shares 22.15%
- Aston Martin Capital Holdings Ltd 0.86%
- Coinbase Global Inc 0.82%
- NGL Energy Operating LLC / NGL Energy Finance Corp 0.79%
- Frontier Communications Holdings LLC 0.78%
- Resorts World Las Vegas LLC / RWLV Capital Inc 0.78%
- Nordstrom Inc 0.77%
- Royal Caribbean Cruises Ltd 0.75%
- Nexstar Media Inc 0.75%
- CCO Holdings LLC / CCO Holdings Capital Corp 0.74%
Asset Allocation
| Weighting | Return Low | Return High | HYDB % Rank | |
|---|---|---|---|---|
| Bonds | 97.94% | 0.00% | 145.36% | 18.30% |
| Cash | 22.15% | -52.00% | 48.02% | 1.48% |
| Convertible Bonds | 0.22% | 0.00% | 17.89% | 89.98% |
| Stocks | 0.00% | 0.00% | 97.54% | 84.97% |
| Preferred Stocks | 0.00% | 0.00% | 4.97% | 69.29% |
| Other | 0.00% | -39.08% | 99.96% | 68.14% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | HYDB % Rank | |
|---|---|---|---|---|
| Corporate | 98.51% | 0.00% | 100.00% | 10.53% |
| Cash & Equivalents | 22.15% | 0.00% | 48.02% | 1.15% |
| Derivative | 0.00% | -14.19% | 42.26% | 64.04% |
| Securitized | 0.00% | 0.00% | 97.24% | 74.01% |
| Municipal | 0.00% | 0.00% | 1.17% | 47.04% |
| Government | 0.00% | 0.00% | 99.07% | 62.17% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | HYDB % Rank | |
|---|---|---|---|---|
| US | 97.94% | 0.00% | 126.57% | 13.30% |
| Non US | 0.00% | 0.00% | 96.91% | 68.47% |
HYDB - Expenses
Operational Fees
| HYDB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.35% | 0.02% | 38.33% | 96.23% |
| Management Fee | 0.35% | 0.00% | 1.75% | 9.49% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| HYDB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| HYDB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| HYDB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 67.00% | 1.00% | 255.00% | 57.99% |
HYDB - Distributions
Dividend Yield Analysis
| HYDB | Category Low | Category High | HYDB % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.00% | 0.00% | 11.76% | 14.36% |
Dividend Distribution Analysis
| HYDB | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| HYDB | Category Low | Category High | HYDB % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.37% | -2.39% | 9.30% | 51.34% |
Capital Gain Distribution Analysis
| HYDB | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 01, 2024 | $0.279 | OrdinaryDividend |
| Oct 01, 2024 | $0.265 | OrdinaryDividend |
| Sep 03, 2024 | $0.278 | OrdinaryDividend |
| Aug 01, 2024 | $0.280 | OrdinaryDividend |
| Jul 01, 2024 | $0.275 | OrdinaryDividend |
| Jun 03, 2024 | $0.288 | OrdinaryDividend |
| May 01, 2024 | $0.276 | OrdinaryDividend |
| Apr 01, 2024 | $0.326 | OrdinaryDividend |
| Mar 01, 2024 | $0.273 | OrdinaryDividend |
| Feb 01, 2024 | $0.208 | OrdinaryDividend |
| Dec 14, 2023 | $0.284 | OrdinaryDividend |
| Dec 01, 2023 | $0.288 | OrdinaryDividend |
| Nov 01, 2023 | $0.226 | OrdinaryDividend |
| Oct 02, 2023 | $0.288 | OrdinaryDividend |
| Sep 01, 2023 | $0.302 | OrdinaryDividend |
| Aug 01, 2023 | $0.268 | OrdinaryDividend |
| Jul 03, 2023 | $0.265 | OrdinaryDividend |
| Jun 01, 2023 | $0.281 | OrdinaryDividend |
| May 01, 2023 | $0.266 | OrdinaryDividend |
| Apr 03, 2023 | $0.270 | OrdinaryDividend |
| Mar 01, 2023 | $0.249 | OrdinaryDividend |
| Feb 01, 2023 | $0.246 | OrdinaryDividend |
| Dec 15, 2022 | $0.265 | OrdinaryDividend |
| Dec 01, 2022 | $0.249 | OrdinaryDividend |
| Nov 01, 2022 | $0.243 | OrdinaryDividend |
| Oct 03, 2022 | $0.235 | OrdinaryDividend |
| Sep 01, 2022 | $0.216 | OrdinaryDividend |
| Aug 01, 2022 | $0.236 | OrdinaryDividend |
| Jul 01, 2022 | $0.216 | OrdinaryDividend |
| Jun 01, 2022 | $0.221 | OrdinaryDividend |
| May 02, 2022 | $0.232 | OrdinaryDividend |
| Apr 01, 2022 | $0.219 | OrdinaryDividend |
| Mar 01, 2022 | $0.207 | OrdinaryDividend |
| Feb 01, 2022 | $0.205 | OrdinaryDividend |
| Dec 16, 2021 | $0.214 | OrdinaryDividend |
| Dec 01, 2021 | $0.216 | OrdinaryDividend |
| Nov 01, 2021 | $0.202 | OrdinaryDividend |
| Oct 01, 2021 | $0.212 | OrdinaryDividend |
| Sep 01, 2021 | $0.195 | OrdinaryDividend |
| Aug 02, 2021 | $0.180 | OrdinaryDividend |
| Jul 01, 2021 | $0.170 | OrdinaryDividend |
| Jun 01, 2021 | $0.173 | OrdinaryDividend |
| May 03, 2021 | $0.184 | OrdinaryDividend |
| Apr 01, 2021 | $0.204 | OrdinaryDividend |
| Mar 01, 2021 | $0.221 | OrdinaryDividend |
| Feb 01, 2021 | $0.245 | OrdinaryDividend |
| Dec 17, 2020 | $0.285 | OrdinaryDividend |
| Dec 01, 2020 | $0.255 | OrdinaryDividend |
| Nov 02, 2020 | $0.259 | OrdinaryDividend |
| Oct 01, 2020 | $0.251 | OrdinaryDividend |
| Sep 01, 2020 | $0.239 | OrdinaryDividend |
| Aug 03, 2020 | $0.246 | OrdinaryDividend |
| Jul 01, 2020 | $0.240 | OrdinaryDividend |
| Jun 01, 2020 | $0.234 | OrdinaryDividend |
| May 01, 2020 | $0.240 | OrdinaryDividend |
| Apr 01, 2020 | $0.246 | OrdinaryDividend |
| Mar 02, 2020 | $0.241 | OrdinaryDividend |
| Feb 03, 2020 | $0.243 | OrdinaryDividend |
| Dec 19, 2019 | $0.247 | OrdinaryDividend |
| Dec 02, 2019 | $0.241 | OrdinaryDividend |
| Nov 01, 2019 | $0.236 | OrdinaryDividend |
| Oct 01, 2019 | $0.222 | OrdinaryDividend |
| Sep 03, 2019 | $0.230 | OrdinaryDividend |
| Aug 01, 2019 | $0.237 | OrdinaryDividend |
| Jul 01, 2019 | $0.225 | OrdinaryDividend |
| Jun 03, 2019 | $0.249 | OrdinaryDividend |
| May 01, 2019 | $0.244 | OrdinaryDividend |
| Apr 01, 2019 | $0.248 | OrdinaryDividend |
| Mar 01, 2019 | $0.247 | OrdinaryDividend |
| Feb 01, 2019 | $0.255 | OrdinaryDividend |
| Dec 18, 2018 | $0.242 | OrdinaryDividend |
| Dec 03, 2018 | $0.239 | OrdinaryDividend |
| Nov 01, 2018 | $0.242 | OrdinaryDividend |
| Oct 01, 2018 | $0.242 | OrdinaryDividend |
| Sep 04, 2018 | $0.247 | OrdinaryDividend |
| Aug 01, 2018 | $0.239 | OrdinaryDividend |
| Jul 02, 2018 | $0.243 | OrdinaryDividend |
| Jun 01, 2018 | $0.249 | OrdinaryDividend |
| May 01, 2018 | $0.231 | OrdinaryDividend |
| Apr 02, 2018 | $0.241 | OrdinaryDividend |
| Mar 01, 2018 | $0.230 | OrdinaryDividend |
| Feb 01, 2018 | $0.211 | OrdinaryDividend |
| Dec 21, 2017 | $0.304 | OrdinaryDividend |
| Dec 01, 2017 | $0.235 | OrdinaryDividend |
| Nov 01, 2017 | $0.233 | OrdinaryDividend |
| Oct 02, 2017 | $0.233 | OrdinaryDividend |
| Sep 01, 2017 | $0.364 | OrdinaryDividend |
HYDB - Fund Manager Analysis
Managers
James Mauro
Start Date
Tenure
Tenure Rank
Jul 11, 2017
4.89
4.9%
Head of San Francisco Fixed Income Core PM at BlackRock, Inc. since 2020; Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2010 to 2014; Vice President of State Street Global Advisors from 2001 to 2010. James Mauro has been employed by BlackRock Fund Advisors and BlackRock Institutional Trust Company, N.A. (“BTC”) as a portfolio manager since 2011. Prior to joining BTC, Mr. Mauro was a Vice President at State Street Global Advisors. His primary responsibilities include management of all government, inflation linked and derivative strategies. Other responsibilities include hedging and managing risk across all asset classes through futures and option overlays. James joined State Street Corporation in 1993. Previously, he worked as a portfolio manager on the passive team where he co-managed several Bond Index portfolios.
Scott Radell
Start Date
Tenure
Tenure Rank
Jul 11, 2017
4.89
4.9%
Scott Radell has been employed as managing director and portfolio manager with BlackRock Investment Management LLC and BlackRock Financial Advisers (formerly, Barclays Global Fund Advisors) and its predecessors since 2009. Mr. Radell served as a portfolio manager at Barclays Global Fund Advisors and its affiliates since 2004. Radell was a credit strategist from 2003 to 2004 before becoming a CoreAlpha Bond Portfolio Manager and prior to that he was employed by Morgan Stanley Asset Management as a credit analyst from 1996 to 2003.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.31 | 8.17 |
