iShares High Yield Muni Active ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, iShares High Yield Muni Active ETF held 839 positions with $2.06B in net assets. Its ten largest holdings made up 19.0% of the fund. The fund costs 0.39% a year. Over the 12 months to May 2026, it returned 6.9%, with dividends reinvested. In 2026 Q3 it added 138 new positions and exited 46.
The investment objective of iShares High Yield Muni Active ETF (the Fund) is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
The fund invests at least 80% of assets in municipal bonds, with at least 65% in medium- to low-quality bonds rated BBB/Baa or lower, and may hold up to 10% in distressed securities in default or rated in the lowest categories. The fund's focus on lower-rated and distressed municipal debt creates concentration risk, as returns depend on the credit performance of the specific issuers selected by management.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
MCSXXBlackRock Liquidity Funds | 5.78% | $119.40M | — |
Commonwealth of Puerto Rico 0.00% · due 2051-11-01 | 2.90% | $59.95M | — |
Buckeye Tobacco Settlement Financing Authority 5.00% · due 2055-06-01 | 1.69% | $34.78M | — |
Golden State Tobacco Securitization Corp 0.00% · due 2066-06-01 | 1.64% | $33.87M | — |
California Infrastructure & Economic Development Bank 12.00% floating · due 2065-01-01 | 1.61% | $33.28M | — |
Commonwealth of Puerto Rico 0.00% floating · due 2051-11-01 | 1.29% | $26.63M | — |
Port of Beaumont Navigation District 4.00% · due 2050-01-01 | 1.15% | $23.78M | — |
New York State Thruway Authority 5.00% · due 2059-03-15 | 1.02% | $21.07M | — |
Pennsylvania Housing Finance Agency 5.15% · due 2050-10-01 | 0.99% | $20.49M | — |
Colorado Health Facilities Authority 3.00% · due 2051-11-15 | 0.91% | $18.70M | — |
The 200 largest of 839 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 96.49% |
| Cash & short-term | 5.78% |
| Stocks | 0.07% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
How it has done
C000254671 share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.74%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
iShares High Yield Muni Active ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- High yield
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.39%
- Portfolio turnover
- 30.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
138 new· the largest 6
46 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 78.0% |
| Zero-coupon or unclassified | 13.5% |
| Floating rate | 8.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.6% |
| 1-3y | 0.8% |
| 3-5y | 1.1% |
| 5-10y | 4.7% |
| 10y+ | 91.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +6.62 yr |
| Investment grade | +2.81 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.19 yr | 2% |
| 5 yr | 1.73 yr | 19% |
| 10 yr | 3.02 yr | 32% |
| 30 yr | 4.33 yr | 47% |
| 3 mo | 0.52 yr | 6% |
| 1 yr | 0.11 yr | 1% |
| 5 yr | 1.19 yr | 13% |
| 10 yr | 2.78 yr | 30% |
| 30 yr | 4.83 yr | 51% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.29 | +0.24 | $59.2k | $48.6k |
| 1 yr | +0.19 | +0.01 | +0.10 | $2.1k | $19.9k |
| 5 yr | +1.73 | +0.38 | +0.82 | $77.5k | $168.5k |
| 10 yr | +3.02 | +0.48 | +2.31 | $98.6k | $476.3k |
| 30 yr | +4.33 | +1.66 | +3.17 | $342.9k | $653.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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