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EMB

iShares J.P. Morgan USD Emerging Markets Bond ETF

Fixed Income

EMB

iShares J.P. Morgan USD Emerging Markets Bond ETF

Overview

Why EMB?

1. Exposure to U.S. dollar-denominated government bonds issued by emerging market countries

 

2. Access the sovereign debt of 30+ emerging market countries in a single fund

 

3. Use to seek higher yield and customize your emerging markets allocation

INVESTMENT OBJECTIVE

The iShares J.P. Morgan USD Emerging Markets Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market bonds.
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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. -5.67 4.31 3.99 7.25 5.40
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). -5.45 4.44 4.04 6.38 5.44
Benchmark (%) Index: J.P. Morgan EMBI Global Core Index -5.17 4.89 4.59 8.05 6.14
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. -7.75 2.15 1.88 5.18 3.36
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. -3.34 2.37 2.12 4.86 3.34
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. -5.67 1.40 -1.70 0.63 -5.67 13.50 21.63 101.35 78.66
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). -5.45 1.91 -1.14 1.08 -5.45 13.92 21.91 85.62 79.48
Benchmark (%) Index: J.P. Morgan EMBI Global Core Index -5.17 1.40 -1.61 0.85 -5.17 15.40 25.17 116.89 92.96
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. -7.75 0.71 -2.71 -0.90 -7.75 6.59 9.77 65.64 44.01
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. -3.34 0.83 -1.00 0.38 -3.34 7.27 11.05 60.68 43.65
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 6.69 0.43 9.41 9.98 -5.67
Market Price (%) Market price return represents changes to the midpoint price and accounts for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). 5.88 1.07 9.27 10.26 -5.45
Benchmark (%) Index: J.P. Morgan EMBI Global Core Index 7.60 0.81 10.17 10.46 -5.17
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.
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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Ex-Date Total Distribution Income
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Distributions Schedule
Record Date Ex-Date Payable Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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Key Facts

Key Facts

Net Assets as of Feb 21, 2019 $17,519,069,618
Inception Date Dec 17, 2007
Exchange NASDAQ
Asset Class Fixed Income
Benchmark Index J.P. Morgan EMBI Global Core Index
Bloomberg Index Ticker JPEICORE
Shares Outstanding as of Feb 21, 2019 162,200,000
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. as of Feb 20, 2019 467
Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. as of Feb 20, 2019 0.15%
CUSIP 464288281
Closing Price as of Feb 20, 2019 108.17
Mid-Point Price The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm eastern time for most funds). as of Feb 20, 2019 108.18
Options Available Yes
20 Day Avg. Volume The average number of shares traded in a security across all U.S. exchanges over the last 20 trading days. as of Feb 21, 2019 5,412,772.25
Daily Volume The number of shares traded in a security across all U.S. exchanges on the date indicated. as of Feb 20, 2019 1,980,218.00
NAIC Designated (Schedule D Eligible)

Portfolio Characteristics

Portfolio Characteristics

Equity Beta (3y) Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security&#39;s price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. S&amp;P 500 as of Jan 31, 2019 0.17
Standard Deviation (3y) Standard deviation measures how dispersed returns are around the average. A higher standard deviation indicates that returns are spread out over a larger range of values and thus, more volatile. as of Jan 31, 2019 6.45%
Distribution Yield The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It’s calculated by annualizing the most recent distribution and dividing by the fund’s net asset value (NAV) from the as-of date. as of Feb 20, 2019 4.84%
12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. as of Feb 20, 2019 5.55%
30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund&#39;s expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Feb 20, 2019 5.29%
Weighted Avg Coupon The average coupon rate of the underlying bonds in the fund, weighted by each bond&#39;s face value. as of Feb 20, 2019 5.62%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Feb 20, 2019 7.16 yrs
Weighted Avg Maturity The average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date. as of Feb 20, 2019 11.77 yrs
Option Adjusted Spread The weighted average incremental yield earned over similar duration US Treasuries, measured in basis points. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date. as of Feb 20, 2019 291
Average Yield to Maturity The discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average Yield to Maturity is the weighted average of the fund’s individual bond holding yields based on Net Asset Value (‘NAV’). The measure does not include fees and expenses. For callable bonds, this yield is the yield-to-worst. as of Feb 20, 2019 5.60%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Management Fee 0.40%
Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund&#39;s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio As stated in the Fund’s current prospectus. 0.40%
on Dec 31, 2018
Management Fee The Fund’s management fee is subject to breakpoints that are tied to aggregate assets under management across certain groups of iShares ETFs. Breakpoints take effect immediately after asset levels change. On any given day the management fee, and thus the Expense Ratio, may be higher or lower than what is shown in the Fund’s prospectus. For additional information on fees and expenses, please see the Fund’s prospectus. 0.39%
Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund&#39;s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.00%
Foreign Taxes and Other Expenses 0.00%
Expense Ratio The Expense Ratio reflects the Fund’s management fee, and any applicable acquired fund fees and expenses, and foreign taxes and other expenses, calculated on the date set forth above. On any given day these fees may be higher or lower than what is shown in the Fund&#39;s prospectus. 0.39%

Holdings

Holdings

as of Feb 20, 2019
Issuer Weight (%)
TURKEY (REPUBLIC OF) 3.72
PHILIPPINES (REPUBLIC OF) 3.48
RUSSIAN FEDERATION 3.48
COLOMBIA (REPUBLIC OF) 3.45
ARGENTINA REPUBLIC OF GOVERNMENT 3.22
Issuer Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 3.18
DOMINICAN REPUBLIC (GOVERNMENT) 2.93
INDONESIA (REPUBLIC OF) 2.90
EGYPT (ARAB REPUBLIC OF) 2.88
ECUADOR REPUBLIC OF (GOVERNMENT) 2.85
ISIN Name Sector Country CUSIP Asset Class SEDOL Market Value Weight (%) Price Maturity Coupon (%) Currency Market Currency FX Rate Duration Notional Value YTM (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Par Value
Name Asset Class Asset Class Weight (%) Price Market Value Notional Value Sector SEDOL ISIN Coupon (%) Maturity Country Currency Market Currency YTM (%) Yield to Call (%) Yield to Worst (%) Duration Mod. Duration FX Rate Par Value
Detailed Holdings and Analytics Detailed portfolio holdings information. Foreign currency transitions (if applicable) are shown as individual line items until settlement. Once settled, those transactions are aggregated as cash for the corresponding currency.
Holdings are subject to change.

Exposure Breakdowns

Exposure Breakdowns

as of Feb 20, 2019

% of Market Value

Type Fund
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business. Bonds are included in US bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer. 
as of Feb 20, 2019

% of Market Value

Type Fund
as of Feb 20, 2019

% of Market Value

Type Fund
The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of Feb 20, 2019

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

Price Yield Calculator

Price Yield Calculator

The calculator provides clients with an indication of an ETF's yield and duration for a given market price. The ACF Yield is the discount rate that equates the ETF's aggregate cash flows (i.e., the sum of the cash flows of the ETF's holdings) to a given ETF price. The cash flows are based on the yield to worst methodology in which a bond's cash flows are assumed to occur at the call date (if applicable) or maturity, whichever results in the lowest yield for that bond holding. For a given ETF price, this calculator will estimate the corresponding ACF Yield and spread to the relevant government reference security yield. Note that the ACF Yield will differ from the ETF's "Weighted Avg YTM For more information on Aggregate Cash Flow Yield, see info here. The Aggregate Cash Flow (“ACF”) Yield is the discount rate that equates the aggregate cash flows of the ETF&#39;s individual fund holdings (specifically the cash flows corresponding to the lower of the yield to call or yield to maturity of a given security) to a stated market price. In contrast, the weighted average yield to maturity is a market value weighted average of the yields of the ETF&#39;s individual holdings based on the prior day&#39;s net asset value. The ACF Yield allows an investor to compare the yield and spread for varying ETF market prices in order to help understand the impact of intraday market movements. The ACF of the ETF is the sum of the individual bond cash flows “to worst” (i.e. either to call or to maturity, whichever results in the lowest yield for the ETF). The ACF Yield does not make any adjustments based on the cost incurred to acquire an ETF or the impact of the ETF’s management fee.

Literature

Literature

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