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IBDD

iShares® iBonds® Mar 2023 Term Corporate ETF

Fixed Income

IBDD

iShares® iBonds® Mar 2023 Term Corporate ETF

Overview

Why IBDD?

1. Exposure to investment grade corporate bonds that mature between April 2022 and March 2023

 

2. Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock

 

3. Use to seek income, build a bond ladder, and manage interest rate risk


The legal name of this fund is the iShares® iBonds® Mar 2023 Term Corporate ETF.

INVESTMENT OBJECTIVE

The iShares® iBonds® Mar 2023 Term Corporate ETF seeks to track the investment results of an index composed of US dollar-denominated, investment-grade corporate bonds maturing after March 31, 2022 and before April 1, 2023.

The Fund will terminate on or about March 31, 2023.

This Fund is covered by U.S. Patent Nos. 8,438,100 and 8,655,770.
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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. -0.09 3.13 3.68 - 3.55
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). -0.32 2.68 3.64 - 3.55
Benchmark (%) Index: Bloomberg Barclays 2023 Maturity Corporate Index -0.03 3.27 3.81 - 3.72
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. -1.32 1.84 2.34 - 2.20
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. -0.06 1.82 2.22 - 2.11
  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. -0.09 1.02 0.70 1.49 -0.09 9.69 19.83 - 21.10
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). -0.32 0.98 0.63 1.49 -0.32 8.27 19.59 - 21.11
Benchmark (%) Index: Bloomberg Barclays 2023 Maturity Corporate Index -0.03 1.03 0.73 1.47 -0.03 10.14 20.58 - 22.13
After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. -1.32 0.79 0.27 0.75 -1.32 5.63 12.29 - 12.66
After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. -0.06 0.60 0.42 0.88 -0.06 5.57 11.63 - 12.14
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 8.55 0.64 5.55 4.02 -0.09
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). 9.53 0.85 4.46 3.97 -0.32
Benchmark (%) Index: Bloomberg Barclays 2023 Maturity Corporate Index 8.62 0.78 5.73 4.20 -0.03
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
View full table
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 15, 2019 $62,243,658
Inception Date Jul 09, 2013
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index Bloomberg Barclays 2023 Maturity Corporate Index
Bloomberg Index Ticker BI23TRUU
Shares Outstanding as of Feb 15, 2019 2,400,000
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. as of Feb 15, 2019 316
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 15, 2019 0.17%
CUSIP 46432FAZ0
Closing Price as of Feb 15, 2019 25.98
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 15, 2019 25.98
Options Available No
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 18, 2019 4,150.75
Daily Volume The number of shares traded in a security across all U.S. exchanges on the date indicated. as of Feb 15, 2019 2,015.00
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 0.04
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 3.00%
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 14, 2019 2.86%
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 14, 2019 2.99%
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 14, 2019 3.36%
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 15, 2019 3.23%
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 15, 2019 3.31 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 15, 2019 3.57 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 15, 2019 81
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 15, 2019 3.33%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Holdings

Holdings

Ticker ISIN Name Sector Country Asset Class SEDOL Market Value Weight (%) Price Maturity Coupon (%) Currency Duration Notional Value YTM (%) Mod. Duration Yield to Call (%) Yield to Worst (%)
Ticker Name Asset Class Asset Class Weight (%) Price Market Value Notional Value Sector SEDOL ISIN Coupon (%) Maturity Country Currency YTM (%) Yield to Call (%) Yield to Worst (%) Duration Mod. Duration
Ticker Name Sector Weight (%) Asset Class Country Market Value Price ISIN SEDOL Currency Maturity Coupon (%) Duration Mod. Duration YTM (%) Notional Value Yield to Call (%) Yield to Worst (%)
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 15, 2019

% of Market Value

Type Fund
as of Feb 15, 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 15, 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.

Estimated Net Acquisition Yield Calculator

Estimated Net Acquisition Yield Calculator

Calculate the Estimated Net Acquisition Yield (ENA Yield) based on the projected market purchase price that you input. This estimate also reflects the deduction of the expense ratio (10 basis points).
The NAV (as of Feb 15, 2019) used in the calculation is $25.93. The value you enter should correspond to your estimated market purchase price as of Feb 15, 2019.
Please note that the results generated by the Estimated Net Acquisition Yield Calculator are for illustrative purposes only and are not representative of any specific investment outcome.
The Average Yield to Maturity shown is the weighted average yield to maturity of the individual bonds. During the final year of the fund's life, the underlying bonds will mature and the proceeds will be held in cash equivalents until the liquidation of the fund. The investor's total realized yield to fund maturity will be influenced by the yield earned on these proceeds during the final year. If the future yield on cash equivalents is lower than the current Average Yield to Maturity for the portfolio’s bonds, the realized yield to fund maturity is also expected to be lower and vice versa.

Literature

Literature

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