iShares USD Bond Factor ETF
USBF
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- iShares USD Systematic Bond ETF (USBF) is an exchange-traded fund managed by BlackRock under the iShares brand that seeks to track the BlackRock USD Bond Factor index, composed of U.S. dollar-denominated bonds including Treasurys, securitized fixed income instruments such as mortgage-backed securities, investment grade corporate bonds, and high yield corporate bonds. The fund employs a proprietary factor model that systematically applies macroeconomic factor timing and tilts, along with quality and value style factors, to select and weight securities from a broad universe of fixed income instruments; this approach aims to enhance returns and balance return sources relative to the aggregate U.S. dollar-denominated bond market while maintaining a similar risk profile, with monthly rebalancing and allocations optimized for maximum carry and duration based on economic indicators like high-yield bond prices and momentum. Top holdings typically include United States Treasury securities (approximately 14-15%), Uniform MBS (around 8%), Federal National Mortgage Association and Federal Home Loan Mortgage Corporation mortgage-backed securities (7-8% combined), and Government National Mortgage Association II (about 5%), alongside corporate issuers such as Bank of America Corp, Wells Fargo & Company, Morgan Stanley, JPMorgan Chase & Co, and HSBC Holdings PLC (each around 1%). Launched on October 12, 2021 and headquartered in Wilmington, Delaware as part of iShares Trust, the ETF operates primarily in the U.S. fixed income market, targeting investors seeking core bond exposure with factor-based enhancements; it lists on the NASDAQ with a net expense ratio of 0.18%. In January 2024, the fund underwent a significant name change from iShares USD Bond Factor ETF to iShares USD Systematic Bond ETF, accompanied by a shift from tracking the BlackRock USD Bond Factor Index to its current benchmark. Additionally, USBF was announced for closure by BlackRock, with the last day of trading on August 12, 2024, after which it proceeded to liquidate holdings and distribute cash to shareholders. No recent partnerships, acquisitions, funding rounds, or new product launches were reported for the ETF in the last 1-2 years.