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IBMK
iShares® iBonds® Dec 2022 Term Muni Bond ETF
IBMK
iShares® iBonds® Dec 2022 Term Muni Bond ETF
Overview
Performance
Performance
-
Returns
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. | 4.44 | 1.17 | - | - | 2.53 |
| 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). | 4.48 | 1.17 | - | - | 2.55 |
| Benchmark (%) Index: S&P AMT-Free Municipal Series Dec 2022 Index | 4.57 | 1.39 | - | - | 2.57 |
| After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. | 4.44 | 1.17 | - | - | 2.52 |
| After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. | 3.28 | 1.23 | - | - | 2.28 |
Missing average annual returns data
| 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. | 3.10 | -0.46 | 0.37 | 1.51 | 4.44 | 3.57 | - | - | 10.73 |
| 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). | 3.01 | -0.38 | 0.41 | 1.59 | 4.48 | 3.56 | - | - | 10.81 |
| Benchmark (%) Index: S&P AMT-Free Municipal Series Dec 2022 Index | 3.22 | -0.42 | 0.43 | 1.62 | 4.57 | 4.22 | - | - | 10.92 |
| After Tax Pre-Liq. (%) Return after taxes on distributions. Assumes fund shares have not been sold. | 3.10 | -0.46 | 0.37 | 1.51 | 4.44 | 3.56 | - | - | 10.71 |
| After Tax Post-Liq. (%) Return after taxes on distributions and sale of fund shares. | 2.26 | -0.22 | 0.38 | 1.21 | 3.28 | 3.75 | - | - | 9.64 |
Missing cumulative returns data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. | - | - | -0.08 | 2.95 | 1.26 |
| 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). | - | - | 0.00 | 2.83 | 1.33 |
| Benchmark (%) Index: S&P AMT-Free Municipal Series Dec 2022 Index | - | - | -0.23 | 3.24 | 1.49 |
Missing calendar year returns data
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.
Distributions
| Ex-Date | Total Distribution | Income |
|---|
Premium/Discount
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Key Facts
Key Facts
Net Assets
as of Oct 11, 2019
$325,686,956
Inception Date
Sep 01, 2015
Exchange
NYSE Arca
Asset Class
Fixed Income
Benchmark Index
S&P AMT-Free Municipal Series Dec 2022 Index
Bloomberg Index Ticker
SPMUD22T
Shares Outstanding
as of Oct 11, 2019
12,450,000
Number of Holdings
The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards.
as of Oct 11, 2019
1,359
CUSIP
46435G755
Closing Price
as of Oct 11, 2019
26.17
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 Oct 11, 2019
26.16
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 Oct 11, 2019
46,491.65
Daily Volume
The number of shares traded in a security across all U.S. exchanges on the date indicated.
as of Oct 11, 2019
19,333.00
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'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&P 500
as of Sep 30, 2019
-0.01
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 Sep 30, 2019
3.12%
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 Oct 10, 2019
1.58%
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 Oct 10, 2019
1.52%
Tax Equiv. Dist. Yield
The pretax distribution yield that a taxable bond needs to possess for its yield to be equal to that of a tax-free bond. The tax equivalent yield can be used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. The highest Federal and State individual income tax rates are assumed.<br><br>Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate)
as of Oct 10, 2019
2.80%
Weighted Avg Coupon
The average coupon rate of the underlying bonds in the fund, weighted by each bond's face value.
as of Oct 11, 2019
4.85%
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 Oct 11, 2019
2.76 yrs
Convexity
Convexity measures the change in duration for a given change in rates. Positive convexity indicates that duration lengthens when rates fall and contracts when rates rise; negative convexity indicates that duration contracts when rates fall and increases when rates rise.
as of Oct 11, 2019
0.08
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 Oct 11, 2019
1.17%
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 | 0.18% |
| Acquired Fund Fees and Expenses Acquired Fund Fees and Expenses (“AFFE”) reflect the Fund'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. | 0.18% |
Holdings
Holdings
as of Oct 11, 2019
| Issuer | Weight (%) |
|---|---|
| WISCONSIN (STATE OF) | 3.03 |
| MASSACHUSETTS (COMMONWEALTH OF) | 2.66 |
| CALIFORNIA (STATE OF) | 2.58 |
| DORMITORY AUTHORITY OF STATE OF NEW YORK | 2.34 |
| WASHINGTON (STATE OF) | 2.20 |
| Issuer | Weight (%) |
|---|---|
| NEW YORK N Y | 1.96 |
| MARYLAND (STATE OF) | 1.72 |
| HONOLULU HAWAII | 1.57 |
| OHIO (STATE OF) | 1.52 |
| ILLINOIS (STATE OF) | 1.36 |
| ISIN | Name | Sector | SEDOL | Market Value | Weight (%) | Price | Maturity | Coupon (%) | Duration | Notional Value | YTM (%) | Mod. Duration | Yield to Call (%) | Yield to Worst (%) | Par Value |
|---|
| Name | Asset Class | Weight (%) | Price | Market Value | Notional Value | Sector | SEDOL | ISIN | Coupon (%) | Maturity | YTM (%) | Yield to Call (%) | Yield to Worst (%) | Duration | Mod. Duration | 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.
- Preliminary Holdings Portfolio holdings information including position amounts and market values
- Cash Flows The aggregate cash flows of the fund's individual holdings (scaled to 1 million ETF shares outstanding) based on the yield to worst (the lower of the yield to maturity or yield to call) of each security
Holdings are subject to change.
Exposure Breakdowns
Exposure Breakdowns
as of Oct 11, 2019
% of Market Value
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 location 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 Oct 11, 2019
% of Market Value
as of Oct 11, 2019
% of Market Value
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 Oct 11, 2019
% of Market Value
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 (18 basis points).
The NAV (as of Oct 11, 2019) used in the calculation is $26.16. The value you enter should correspond to your estimated market purchase price as of Oct 11, 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.
Literature
Literature
Important Information
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.
There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.
Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.
The iShares® iBonds® Muni ETFs (“Funds”) will terminate in September or December of the year in the Fund’s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. In the final months of the Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. Following the Fund’s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds do not seek to return any predetermined amount.
During the final months prior to the Fund’s planned termination date, its yield will generally tend to move toward prevailing tax-exempt money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. The rate of Fund distribution payments may adversely affect the tax characterization of an investor’s returns from an investment in the Fund relative to a direct investment in municipal bonds. If the amount an investor receives as liquidation proceeds upon the Fund’s termination is higher or lower than the investor’s cost basis, the investor may experience a gain or loss for tax purposes.
Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.
Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.
Distribution Yield and 12m Trailing Yield results may have period over period volatility due to factors including tax considerations such as treatment of passive foreign investment companies (PFICs), treatment of defaulted bonds or excise tax requirements; exceptional corporate actions; seasonality of dividends from underlying holdings; significant fluctuations in fund shares outstanding; or fund capital gain distributions.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
Although BlackRock shall obtain data from sources that BlackRock considers reliable, all data contained herein is provided “as is” and BlackRock makes no representation or warranty of any kind, either express or implied, with respect to such data, the timeliness thereof, the results to be obtained by the use thereof or any other matter. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, Cohen & Steers Capital Management, Inc., European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Services, LLC, India Index Services & Products Limited, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above.
Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.“FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.
© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.
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