Fixed Income

BRTR

iShares Total Return Active ETF

  • NAV as of Apr 25, 2025 $49.80
    52 WK: 48.68 - 52.46
  • 1 Day NAV Change as of Apr 25, 2025 0.18 (0.37%)
  • NAV Total Return as of Apr 24, 2025 YTD: 1.97%
  • Fees as stated in the prospectus Expense Ratio: 0.41%
    Net Expense Ratio: 0.38%

Overview

Why BRTR?

1. Diversified: core plus portfolio that seeks to provide attractive risk-adjusted returns over a full market cycle

 

2. Direct access: to a versatile bond portfolio managed by 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 Total Return Active ETF (the “Fund”) seeks to realize a total return that exceeds that of the Bloomberg U.S. Aggregate Bond Index.
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Performance

Performance

Growth of Hypothetical $10,000

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

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 4.96 - - - 5.40
Market Price (%) 4.98 - - - 5.62
Benchmark (%) 4.88 - - - 5.17
After Tax Pre-Liq. (%) 2.69 - - - 3.32
After Tax Post-Liq. (%) 2.93 - - - 3.25
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.75 -0.15 2.75 -0.61 4.96 - - - 7.09
Market Price (%) 2.89 -0.02 2.89 -0.61 4.98 - - - 7.39
Benchmark (%) 2.78 0.04 2.78 -0.37 4.88 - - - 6.77
After Tax Pre-Liq. (%) 2.43 -0.30 2.43 -1.79 2.69 - - - 4.36
After Tax Post-Liq. (%) 1.62 -0.09 1.62 -0.34 2.93 - - - 4.26
  2020 2021 2022 2023 2024
Total Return (%) - - - - 1.69
Market Price (%) - - - - 1.27
Benchmark (%) - - - - 1.25
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.

Key Facts

Key Facts

Net Assets of Fund
as of Apr 25, 2025
$194,210,477
Exchange
NASDAQ
Benchmark Index
BBG U.S. Aggregate Index (USD)
Distribution Frequency
Monthly
CUSIP
092528876
30 Day Avg. Volume
as of Apr 25, 2025
33,551.00
Daily Volume
as of Apr 25, 2025
16,626.00
Fund Launch Date
Dec 12, 2023
Asset Class
Fixed Income
Shares Outstanding
as of Apr 25, 2025
3,900,000
Premium/Discount
as of Apr 25, 2025
0.45%
Closing Price
as of Apr 25, 2025
50.02
30 Day Median Bid/Ask Spread
as of Apr 25, 2025
0.02%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Apr 25, 2025
1,290
30 Day SEC Yield
as of Apr 24, 2025
4.76%
Standard Deviation (3y)
as of -
-
Average Yield to Maturity
as of Apr 24, 2025
5.58%
Weighted Avg Maturity
as of Apr 24, 2025
8.80 yrs
Convexity
as of Apr 24, 2025
0.38
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Apr 24, 2025
5.00%
Unsubsidized 30-Day SEC Yield
as of Apr 24, 2025
4.73%
Weighted Avg Coupon
as of Apr 24, 2025
4.63
Effective Duration
as of Apr 24, 2025
6.03 yrs
Option Adjusted Spread
as of Apr 24, 2025
125.85 bps
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 0.40%
Acquired Fund Fees and Expenses 0.01%
Other Expenses 0.00%
Expense Ratio 0.41%
Fee Waivers 0.03%
Net Expense Ratio 0.38%

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

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - GOLD
Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Nov 19, 2024)
Analyst-Driven % as of Nov 19, 2024
100.00
Data Coverage % as of Nov 19, 2024
100.00

Holdings

Holdings

as of Apr 24, 2025
Issuer Weight (%)
UNITED STATES TREASURY 28.20
UNIFORM MBS 20.23
FEDERAL HOME LOAN MORTGAGE CORPORATION 6.54
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 5.69
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.64
Issuer Weight (%)
JPMORGAN CHASE & CO 1.96
EQT CORP 1.47
MORGAN STANLEY 1.21
GOLDMAN SACHS GROUP INC/THE 0.99
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 0.81
Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares 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
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.

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

Exposure Breakdowns

Exposure Breakdowns

as of Apr 24, 2025

% of Market Value

Type Fund
as of Apr 24, 2025

% 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 Apr 24, 2025

% of Market Value

Type Fund
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 Apr 24, 2025

% 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.

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
Chief Investment Officer of Global Fixed Income

        

Read More

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.

Chi Chen
Chi Chen
Managing Director

    

Read More

Chi Chen, Managing Director, is a Portfolio Manager in BlackRock's Global Fixed Income Investment Group, focusing on US multi-sector fixed income mandates and global government bond mandates. She is Co-Manager of BlackRock's Total Return Fund and ETF, Core Bond Fund, US Dollar Bond Fund, and Global Government Bond Fund.

 

Ms. Chen focuses on macro investment strategies and specializes in interest rates investment. She leads research efforts for US rates in the Global Fixed Income platform. In addition, she is actively involved in the platform’s top-down process including regime identification, asset allocation, macro positioning, and portfolio construction. Previously, she was a macro researcher on the Economics team at BlackRock.

 

Ms. Chen joined BlackRock as an analyst in the Global Fixed Income Investment Group. She earned a BA degree, magna cum laude, in Economics and Statistics from Mount Holyoke College.

David Rogal
David Rogal
Managing Director, Global Fixed Income, Head of Core and Core Plus Fixed Income Strategies, Head of Inflation Linked Portfolios

 

 

Read More

David Rogal, Managing Director, is a member of the Multi-Sector team within BlackRock's Global Fixed Income Group. Mr. Rogal is Head of Inflation Linked Portfolios and the lead investor for Core and Core Plus Strategies. He is a lead portfolio manager of BlackRock's Core Bond, Inflation Protected, Strategic Income Opportunities, Total Return Fund, and the iShares Total Return Active ETF. Mr. Rogal focuses on broad macro positioning, with specialties in interest rates, inflation, and volatility trading.

 

Mr. Rogal joined Fixed Income in 2009. Previously, he was a member of BlackRock's Multi Asset Strategies group, where he developed quantitative models and advised insurance companies, pension funds, and banks on asset-allocation and asset-liability management. Mr. Rogal began his career at BlackRock in 2006 as an analyst in the Financial Institutions Group.

 

Mr. Rogal earned a BA degree in economics and biology from Cornell University in 2006, with concentrations in statistics and genetics. He is a member of the Phi Beta Kappa society, for which he currently serves on the alumni board of directors.

Literature

Literature

 

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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.

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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”).

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