At a glance
HYBB charges 0.25% a year, above the 0.11% average of the 7 funds most like it (the 7th cheapest of 8). It has $425.7M in assets, the 8th largest of that group; it paid 6.07% of its price in distributions over the past 12 months, monthly. Over the past year it returned +1.6% with distributions reinvested, the best of those 8 funds; over three years it returned +8.2% a year. At its worst it fell 14.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low. Its ten largest positions make up 4.3% of the fund, out of 1,071 in all.
The short version
iShares BB Rated Corporate Bond ETF (HYBB) is a BlackRock index fund that held more than 1,000 BB-rated corporate bonds as of July 31, 2026. BB is the top rating band of the high-yield, or "junk," bond market. The fund leaves out lower-rated junk bonds and pays monthly, with a trailing yield of 6.07% as of October 27, 2026. Its 0.25% expense ratio is above USHY's 0.08% but below HYG's 0.49%.
Price history
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HYBB +1.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HYBB official prospectus, to Dec 31, 2025 | — | +8.86% | — | +3.70% | — | +4.40% |
| ICEB Of AUS Broad Market Index index, same period | — | +7.15% | — | -0.42% | — | -0.25% |
| ICEB Of ABBUS High Yield Constrained Index Spliced index, same period | — | +8.93% | — | +3.78% | — | +4.51% |
| HYBB price data to Oct 27, 2026 | +0.9% | +1.6% | +8.2% | +3.2% | — | +3.3% |
- Over the year to Oct 27, 2026, HYBB returned +1.6%, 1st of 8 among similar funds.
- Its 5-year annualized return was +3.2%.
- Its worst full calendar year was 2022 (-10.1%); its best was 2023 (+10.5%).
- The deepest fall in its price history was 15.3% (Sep 15, 2021 to Sep 27, 2022), recovered by Mar 20, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.9% | — |
| 2025 | +9.0% | +8.86% |
| 2024 | +6.4% | +6.22% |
| 2023 | +10.5% | +11.43% |
| 2022 | -10.1% | -10.58% |
| 2021 | — | +4.07% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.8% over that stretch · deepest drop along the way 14.8%, back to its old high 16.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.1200 | |
| 2025 | $2.8700 | 0.0% |
| 2024 | $2.8700 | -0.7% |
| 2023 | $2.8900 | +29.0% |
| 2022 | $2.2400 |
What's inside
As of Jul 31, 2026, the fund held 1,071 securities; the ten largest made up 4.32% of assets, and 11.04% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| MERIDIAN ARC HOLDCO LLC Bonds and notes | 0.62% | |
| PR RNO PROPERTY OWNER 1 Bonds and notes | 0.49% | |
| QUIKRETE HOLDINGS INC Bonds and notes | 0.46% | |
| CLOUD SOFTWARE GRP LLC Bonds and notes | 0.45% | |
| SV RNO PROPERTY OWNER 1 Bonds and notes | 0.41% | |
| WULF COMPUTE LLC Bonds and notes | 0.39% | |
| ASURION LLC/ASURION CO Bonds and notes | 0.39% | |
| NEXSTAR MEDIA INC Bonds and notes | 0.38% | |
| CORE SCIENTIFIC FINANCE Bonds and notes | 0.37% | |
| VENTURE GLOBAL LNG INC Bonds and notes | 0.37% | |
| CENTENE CORP Bonds and notes | 0.36% | |
| OAK-EAGLE ACQUIRECO INC Bonds and notes | 0.35% | |
| DISCOVERY HOLDINGS INC Bonds and notes | 0.33% | |
| EMRLD BOR / EMRLD CO-ISS Bonds and notes | 0.32% | |
| 1011778 BC / NEW RED FIN Bonds and notes | 0.32% |
By country
United States 83.04%Canada 4.03%United Kingdom 1.83%Japan 1.15%Bermuda 1.14%By issuer
Companies 94.66%Other 3.14%The bonds mature in 6.1 years on average (weighted by size), with an average coupon of 6.07%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $6.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.50%, +0.29%, -0.39%.
How it works
HYBB tracks the ICE BofA BB US High Yield Constrained Index, which is run by ICE Data Indices. The index is a slice of the broader ICE BofA US High Yield Index. A bond qualifies only if its average rating from Moody's, Fitch and S&P falls between BB+ and BB-. Ratings at BB+ and below count as non-investment grade, often called junk bonds. Eligible bonds must also be fixed-rate and issued in US dollars by US or non-US companies. Each needs at least one year left to maturity and at least $250 million outstanding.
Bigger bond issues get bigger weights. No single company can be more than 2% of the index, and any excess is spread across the other issuers. The bond list is updated on the last calendar day of each month. BlackRock uses representative sampling. That means the fund holds a group of bonds that matches the index's interest-rate sensitivity, credit quality, yield and industry mix, rather than every single bond.
At least 80% of the fund's assets must be in index bonds. Up to 10% can go into futures, options, swaps or other bonds that help it track the index. It may lend out up to one-third of its assets. As of July 31, 2026, its bonds averaged 6.1 years to maturity. The longer a bond's maturity, the more its price falls when interest rates rise.
What it really costs
- HYBB charges 0.25% a year, versus an average of 0.11% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HYBB | $26 | $80 | $141 | $318 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
HYBB pays monthly from a portfolio of BB-rated corporate bonds, and its yield is well above that of investment-grade bond funds, but it takes on more credit risk to get there.
HYBB could add monthly income to the bond side of a portfolio. Its trailing 12-month yield was 6.07%, or $2.76 per share, as of October 27, 2026. That income comes with real price risk. The fund launched in October 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 14.8% between January and September and took about 16 months to recover. It lost 10.58% in calendar 2022. Its deepest drop was 15.3%, from September 2021 to September 2022, and full recovery took 17.7 months. Anyone forced to sell shares for spending money during a year like that would lock in losses. Its 0.25% expense ratio is above the 0.11% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts from junk bonds but limited to the BB tier, the highest-rated band below investment grade.
- Investors who want a very spread-out bond fund: 1,071 issues, with the top 10 making up just 4.32% of assets as of July 31, 2026.
- Bond investors willing to accept drops like the fund's 15.3% decline in 2021–2022, which took 17.7 months to recover, in return for higher yield.
Look elsewhere if
- Cost-focused investors: the 0.25% expense ratio ranked 7th of 8 similar funds, and USHY charges 0.08% for broad high-yield exposure.
- Retirees who need bond holdings that stay steady in stock sell-offs; HYBB lost 10.58% in 2022, and junk bonds carry default risk.
- Investors who prefer large, heavily traded funds; at about $426 million in net assets, HYBB was the smallest of 8 similar funds.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HYBB this fund | 6.1 yrs | 0.25% | $425.7M | +1.6% | +8.2% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 8.1 yrs | 0.03% | $11.60B | -1.8% | +6.9% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
Questions investors ask
Does HYBB pay monthly dividends?
Yes. HYBB pays income every month. Over the 12 months to October 27, 2026, it paid $2.76 per share, a trailing yield of 6.07%. The money comes from interest on BB-rated corporate bonds, which averaged a 6.07% coupon as of July 31, 2026. Payments can change. The prospectus warns that income may fall if rates drop or if bonds are called early and the money is reinvested at lower yields.
What's the difference between HYBB and HYG?
Both are iShares high-yield corporate bond ETFs, but HYBB holds only BB-rated bonds. HYG covers a wider slice of the junk-bond market. HYBB costs 0.25% a year, compared with 0.49% for HYG. Price returns over three years were close: 8.2% a year for HYBB as of October 27, 2026, and 8.5% for HYG as of October 30, 2026. HYG is much larger, at about $16.2 billion against HYBB's $426 million. iShares' USHY, another broad high-yield fund, charges 0.08%.
Is HYBB a junk bond fund?
Yes, though it holds only the top tier of junk bonds. Its index takes in bonds whose average rating from Moody's, Fitch and S&P is between BB+ and BB-. The prospectus says anything rated BB+ or lower is generally non-investment grade, or "junk." These bonds carry more risk of default, price swings and trading difficulty than investment-grade bonds. Large holdings as of July 31, 2026, included Quikrete, Cloud Software Group, Asurion and Venture Global LNG.
How did HYBB do in 2022?
Badly. HYBB lost 10.58% in 2022, its worst calendar year, according to its prospectus. Its weakest quarter was the one ending June 30, 2022, when it fell 8.64%. From January 3 to September 27, 2022, its price dropped 14.8%. It got back to its earlier peak in January 2024, about 16 months later. The next year went the other way: the fund gained 11.43% in 2023.
What is HYBB's expense ratio?
HYBB's expense ratio is 0.25% a year, which is all management fee, according to the prospectus filed February 23, 2026. In the SEC's standard example, $10,000 invested with a 5% yearly return costs about $26 after one year, $141 after five years and $318 after ten. The average for similar funds is 0.11%. USHY charges 0.08% and HYG charges 0.49%.