FALN

Fund Description
The iShares Fallen Angels USD Bond ETF (the Fund ) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade. Bonds are market value weighted with a 3% cap on each issuer. The bonds eligible for inclusion in the Underlying Index are U.S. dollar-denominated corporate bonds that: (i) are issued by companies domiciled in countries classified as developed markets by the index provider (based primarily on World Bank income classifications); (ii) have an average rating of below-investment grade (as determined by the Index Provider); (iii) previously had an average rating of investment grade; (iv) have at least $150 million of outstanding face value;(v) have a fixed-rate coupon; and (vi) have at least one year to maturity. In determining whether a bond has an average rating of investment grade or below-investment grade, ratings from Moody s Investors Services ( Moody s ), Standard & Poor s Ratings Services and Fitch Ratings, Inc. ( Fitch ) are considered. Securities in the Underlying Index must be rated below-investment grade (lower than BBB- by Standard & Poor s Ratings Services and Fitch, or Baa3 by Moody s) using the middle rating of Moody s, Standard and Poor s Ratings Services, or Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower ( more conservative ) rating is used. When a rating from only one agency is available, that rating is used to determine eligibility in the Underlying Index. If an issue is unrated, the Index Provider may consider expected ratings and/or issuer-level ratings adopted by a ratings agency.
Fund Profile
Fund Name iShares Fallen Angels USD Bond ETF
Fund Exchange Ticker FALN
Fund Sponsor Blackrock (iShares)
Fund ISIN US46435G4745
Net Expense Ratio 0.25 %
Fund Inception Date 14 June 2016
Fund Legal Structure ETF (Open end fund)
Exchange NASDAQ
Listing Country Code US
Fund Investment Objective
ETF Type Specific Bonds - Corporate
Asset Class Bonds
Index Linked Passive
Index Name Bloomberg Barclays US High Yield Fallen Angel 3% Capped Index
Index Provider Bloomberg
Currency Hedged No
Inverse / Leveraged Not Applicable
Developed / Emerging Developed Market Funds
Bond Type Corporate
Credit Quality High Yield
Average Maturity Fund Holds All Maturity Ranges
Bond Currency Denomination USD
Key Statistics
Return As of Date 26 October 2020
Asset Under Management 325.42 Million (USD)
1 Month Total Return 2.70 %
Year To Date Return 6.51 %
1 Year Total Return 9.25 %
3 Year Annualized Total Return 5.95 %
NAV 27.5779
Share Outstanding 11,800,000
Top 10 Holdings (23 October 2020)
Constituent Name Constituent Ticker Constituent Type Weighting
CARNIVAL CORP BOND 0.0226000000
SPRINT CAPITAL CORP BOND 0.0161000000
ROYAL CARIBBEAN CRUISES BOND 0.0150000000
SPRINT CAPITAL CORP BOND 0.0147000000
VODAFONE GROUP PLC BOND 0.0121000000
INTESA SANPAOLO SPA BOND 0.0115000000
NEWELL BRANDS INC BOND 0.0109000000
FREEPORT-MCMORAN INC BOND 0.0108000000
BLK CSH FND TREASURY SL AGENCY MUTU 0.0093000000
EMBARQ CORP BOND 0.0090000000