iShares U.S. Intermediate Credit Bond Index Fund
BlackRock Funds
Fund classification
Classified from what the fund holds · as of 2026 Q2
iShares U.S. Intermediate Credit Bond Index Fund is a U.S. bond index fund that tracks the Bloomberg U.S. Intermediate Credit Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of iShares U.S. Intermediate Credit Bond Index Fund (the Fund), a series of BlackRock Funds SM (the Trust), is to seek to provide investment results that correspond to the total return performance of fixed-income securities, in aggregate, as represented by the Bloomberg U.S. Intermediate Credit Index (or the Underlying Index).
The fund tracks the Bloomberg U.S. Intermediate Credit Index, a capitalization-weighted index of investment-grade corporate and government-related bonds with maturities between one and ten years, using sampling techniques to approximate the index's total return rather than replicate it exactly. Because the fund samples rather than holds all index constituents, its performance may diverge from the index. The fund maintains a dollar-weighted average maturity of three to ten years and may use derivatives and securities lending for liquidity management.
| Share class | Expense ratio |
|---|---|
| C000234048 | 0.12% |
Portfolio turnover 30.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.28% |
| Cash & short-term | 6.79% |
These positions come to 106.08% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Financials | 23.0% |
| Government | 11.9% |
| Other | 10.6% |
| International | 10.2% |
| 11 smaller | 44.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: AMAZON.COM INC, ANHEUSER-BUSCH CO/INBEV, SALESFORCE INC, ONTARIO (PROVINCE OF), ORACLE CORP ×2, BANK OF AMERICA CORP ×2
Largest exited: KFW ×2, EUROPEAN INVESTMENT BANK ×3, T-MOBILE USA INC, MICROSOFT CORP, WELLS FARGO & COMPANY
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 | 100.0% |
| Floating rate | 0.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 27.2% |
| 3-5y | 29.6% |
| 5-10y | 40.8% |
| 10y+ | 2.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 51% |
| Interest rates | 49% |
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.
| Investment grade | +4.34 yr |
| High yield | +0.00 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 | 0.01 yr | 0% |
| 1 yr | 0.47 yr | 11% |
| 5 yr | 2.99 yr | 71% |
| 10 yr | 0.74 yr | 18% |
30 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.38 yr | 9% |
| 5 yr | 2.97 yr | 68% |
| 10 yr | 0.99 yr | 23% |
| 30 yr | 0.00 yr | 0% |
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 | +0.01 | +0.00 | +0.00 | $42 | $64 |
| 1 yr | +0.47 | +0.38 | +0.00 | $136.5k | $0 |
| 5 yr | +2.99 | +2.97 | +0.00 | $1.06m | $0 |
| 10 yr | +0.74 | +0.99 | +0.00 | $353.9k | $0 |
| 30 yr | -0.00 | +0.00 | +0.00 | $517 | $0 |
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 |
|---|---|---|---|---|
| — | BlackRock Funds III | 6.71% | $239.48M | — |
| — | EUROPEAN INVESTMENT BANK4.50% · due 2030-03-14 | 0.12% | $4.35M | — |
| — | T-MOBILE USA INC3.88% · due 2030-04-15 | 0.12% | $4.33M | — |
| — | State of Illinois5.10% · due 2033-06-01 | 0.11% | $4.03M | — |
| — | META PLATFORMS INC4.88% · due 2035-11-15 | 0.11% | $3.91M | — |
| — | INTL BK RECON & DEVELOP4.13% · due 2030-03-20 | 0.11% | $3.89M | — |
| — | INTL BK RECON & DEVELOP3.88% · due 2029-10-16 | 0.10% | $3.69M | — |
| — | INTL BK RECON & DEVELOP4.63% · due 2032-01-15 | 0.10% | $3.62M | — |
| — | BANK OF AMERICA CORP3.42% · due 2028-12-20 | 0.10% | $3.59M | — |
| — | AMAZON.COM INC4.88% · due 2036-03-13 | 0.10% | $3.57M | — |
Top 10 positions are 7.69% of net assets, top 25 9.08%, across 1.0K issuers.
See more of this fund's book
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