iShares High Yield Muni Active ETF
BlackRock ETF Trust II
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| C000254671 | 0.40% | 0.39% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 30.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 96.49% |
| Cash & short-term | 5.78% |
| Stocks | 0.07% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Maryland Health & Higher Educational Facilities Authority, County of Miami-Dade FL Water & Sewer System Revenue, Geisinger Authority, Chicago Transit Authority Sales Tax Receipts Fund, New York State Dormitory Authority, California Municipal Finance Authority, Triborough Bridge & Tunnel Authority, New York State Thruway Authority
Largest exited: Public Finance Authority, Florida Development Finance Corp, Mobile County Industrial Development Authority ×2, County of Miami-Dade FL Aviation Revenue, Columbus Regional Airport Authority, Chicago Board of Education, Port of Morrow OR
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| MCSXX | BlackRock Liquidity FundsMCSXX | 5.78% | $119.40M | — |
| — | Commonwealth of Puerto Rico0.00% · due 2051-11-01 | 2.90% | $59.95M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 1.69% | $34.78M | — |
| — | Golden State Tobacco Securitization Corp0.00% · due 2066-06-01 | 1.64% | $33.87M | — |
| — | California Infrastructure & Economic Development Bank12.00% floating · due 2065-01-01 | 1.61% | $33.28M | — |
| — | Commonwealth of Puerto Rico0.00% floating · due 2051-11-01 | 1.29% | $26.63M | — |
| — | Port of Beaumont Navigation District4.00% · due 2050-01-01 | 1.15% | $23.78M | — |
| — | New York State Thruway Authority5.00% · due 2059-03-15 | 1.02% | $21.07M | — |
| — | Pennsylvania Housing Finance Agency5.15% · due 2050-10-01 | 0.99% | $20.49M | — |
| — | Colorado Health Facilities Authority3.00% · due 2051-11-15 | 0.91% | $18.70M | — |
Top 10 positions are 18.99% of net assets, top 25 28.81%, across 372 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free