The iShares $ Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A) is an Ireland-domiciled fixed-income ETF managed by BlackRock and traded on the London Stock Exchange.

The fund seeks to track the performance of the ICE 0-3 Month US Treasury Bill Index, a benchmark composed of U.S. Treasury securities with remaining maturities of up to three months.

U03A provides exposure to ultra-short-term U.S. sovereign fixed income. The ETF follows a passive investment strategy and uses physical replication through a sampling methodology to track its benchmark. It operates under the UCITS framework and follows an accumulating income policy.

The ICE 0-3 Month US Treasury Bill Index tracks U.S. dollar-denominated Treasury bills with remaining maturities of up to three months. The benchmark is rebalanced daily, maintaining its focus on the shortest maturities within the U.S. Treasury market.

Composition / Exposure Profile

U03A primarily provides exposure to:

• U.S. Treasury bills.

• U.S. dollar-denominated government securities.

• Securities with remaining maturities of up to three months.

• Ultra-short-term sovereign fixed income.

The fund's geographic exposure is concentrated in the United States because its benchmark consists of securities issued by the U.S. Treasury.

By focusing on securities with very short remaining maturities, the fund has relatively low sensitivity to interest-rate movements compared with longer-duration Treasury strategies. Its returns tend to primarily reflect conditions in U.S. ultra-short-term interest rates.

Structure and Costs

U03A trades in U.S. dollars on the London Stock Exchange. Both the fund's base currency and share class currency are the U.S. dollar.

The ETF has a total expense ratio (TER) of 0.07% per year and uses a physical structure with a sampling methodology. U03A is domiciled in Ireland, operates under the UCITS framework, is part of iShares IV plc, and is managed by BlackRock Asset Management Ireland Limited.

U03A is an accumulating share class, meaning interest and other income generated by its holdings are reinvested within the fund rather than distributed periodically to shareholders.

History and Evolution of the ETF

The iShares $ Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A) was launched in 2024 by BlackRock to provide exposure to ultra-short-term U.S. Treasury securities.

Since its launch, the fund has maintained a passive strategy linked to the ICE 0-3 Month US Treasury Bill Index, using a physically backed portfolio and sampling methodology to track its benchmark.

Throughout its history, U03A's performance has primarily reflected conditions in U.S. money markets and changes in ultra-short-term interest rates.

Additional Information

iShares $ Treasury Bond 0-3 Month UCITS ETF USD (Acc) (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $71.55 million.

Over the past 12 months, iShares $ Treasury Bond 0-3 Month UCITS ETF USD (Acc) recorded a return of 3.72%, with its price trading between $104.66 and $108.62 during the same period.

The ETF is traded under the ticker U03A.