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Trending ETFs

Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$25.28

$450 M

2.12%

$0.54

0.18%

Vitals

YTD Return

-0.2%

1 yr return

2.7%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

1.1%

Net Assets

$450 M

Holdings in Top 10

5.2%

52 WEEK LOW AND HIGH

$25.3
$24.71
$25.52

Expenses

OPERATING FEES

Expense Ratio 0.18%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 2.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$25.28

$450 M

2.12%

$0.54

0.18%

IBMO - Profile

Distributions

  • YTD Total Return -0.2%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.66%
DIVIDENDS
  • Dividend Yield 2.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    iShares iBonds Dec 2026 Term Muni Bond ETF
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Apr 02, 2019
  • Shares Outstanding
    6700000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Mauro

Fund Description

The Fund seeks to track the investment results of the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 IndexTM (the Underlying Index), which measures the performance of investment-grade (as determined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI)), tax-exempt, U.S. municipal bonds, reducing callable bonds before 2026, and only including non-callable bonds maturing in 2026. As of October 31, 2023, there were 14,123 issues in the Underlying Index. The Underlying Index includes municipal bonds primarily from issuers that are U.S. state, federal district (the District of Columbia), or local government or agency such that the interest on the bonds is exempt from U.S. federal income taxes and the federal alternative minimum tax (AMT). Bonds issued by U.S. territories and the Commonwealth of Puerto Rico are excluded from the Underlying Index. Each bond must have a rating of at least BBB- by S&P Global Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB- by Fitch Ratings, Inc. and must have a minimum maturity
par amount of $2 million to be eligible for inclusion in the Underlying Index. To remain in the Underlying Index, bonds must maintain a minimum par amount greater than or equal to $2 million as of each rebalancing reference date. All non-callable bonds in the Underlying Index will mature or be redeemed after December 31, 2025 and before December 2, 2026. Callable bonds are eligible subject to the following: (i) a final maturity date after December 31, 2025 and before December 2, 2026, and a next call date no sooner than two years prior to index maturity year; or (ii) a final maturity up to four years after the index maturity year, if the next call date is within the index maturity range. In the Underlying Index year of maturity, bonds that mature or are pre-refunded in their respective year of maturity do not accrue interest past the maturity or pre-refund date. A bond is pre-refunded when the bond has been refunded to a call date prior to maturity. In other words, a holder of a pre-refunded bond receives all payments of interest and principal back on an earlier date then the stated maturity date of the bond. All payments related to the maturity or pre-refunding of a bond are reinvested in tax-exempt cash or cash equivalents for the duration of each month.
Outside of five years prior to the term of the Fund, the Underlying Index will be market value weighted. Five years prior to the term of the Fund, monthly rebalances occurring in rolling two year periods will remove bonds with a maturity year outside the term of the Fund from the Underlying Index. Such rebalancing will begin with those bonds whose effective maturity date is furthest from that of the Underlying Index. Each two year period will remove bonds
scheduled to mature in a specific year outside the term of the Fund. For example, bonds scheduled to mature in 2030 will be removed from the Underlying Index over the course of a two year period beginning in January 2021. As a result, as of January 1, 2026, the Underlying Index will not contain bonds with an effective maturity date later than December 2, 2026.
The Fund is a series of the iShares iBonds® fixed maturity series of bond exchange-traded funds (ETFs) sponsored by BlackRock, Inc. BlackRock). The iBonds® fixed maturity series do not invest in U.S. savings bonds or other U.S. government bonds (except to the extent the funds hold cash equivalent instruments consistent with their investment objectives) and are not designed to provide protection against inflation. The Fund does not invest in U.S. federal government agency bonds.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. Representative sampling is an
indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration (i.e., a security's price sensitivity to a change in interest rates), maturity or credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index, in each case except during the last months of the Fund's operations, as described below. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are exempt from U.S. federal income tax, the federal AMT and the federal Medicare
contribution tax of 3.8% on net investment income, including dividends, interest and capital gains. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested in bonds but instead will be held in cash and cash equivalents, including, without limitation, shares of money market funds advised by BFA or its affiliates, AMT-free tax-exempt municipal notes, variable rate demand notes and obligations, tender option bonds and municipal commercial paper. These cash equivalents may not be included in the Underlying Index. By December 2, 2026, the Underlying Index is expected to consist entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Underlying Index is sponsored by SPDJI, which isindependent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not
considered to be issued by members of any industry.
Read More

IBMO - Performance

Return Ranking - Trailing

Period IBMO Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -1.6% 7.8% 92.15%
1 Yr 2.7% -0.8% 12.5% 96.34%
3 Yr -0.9%* -6.5% 4.0% 84.74%
5 Yr 1.1%* -4.8% 5.6% 95.83%
10 Yr N/A* 1.6% 5.1% 37.07%

* Annualized

Return Ranking - Calendar

Period IBMO Return Category Return Low Category Return High Rank in Category (%)
2023 1.2% -9.8% 12.8% 92.11%
2022 -6.2% -38.3% -3.8% 3.16%
2021 -0.8% -9.1% 10.3% 48.40%
2020 4.4% -13.4% 12.6% 77.84%
2019 N/A -1.1% 13.9% N/A

Total Return Ranking - Trailing

Period IBMO Return Category Return Low Category Return High Rank in Category (%)
YTD -0.2% -1.6% 7.8% 92.15%
1 Yr 2.7% -0.8% 12.5% 96.34%
3 Yr -0.9%* -6.5% 4.0% 84.74%
5 Yr 1.1%* -4.8% 5.6% 95.83%
10 Yr N/A* 1.6% 5.1% N/A

* Annualized

Total Return Ranking - Calendar

Period IBMO Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -9.8% 15.4% 97.37%
2022 -5.4% -16.9% -2.9% 8.95%
2021 -0.2% -3.8% 10.3% 85.11%
2020 5.5% -13.4% 16.6% 89.82%
2019 N/A 4.7% 25.2% N/A

IBMO - Holdings

Concentration Analysis

IBMO Category Low Category High IBMO % Rank
Net Assets 450 M 1.15 M 36 B 40.84%
Number of Holdings 1326 2 1464 1.05%
Net Assets in Top 10 22.3 M 931 K 36.5 B 80.10%
Weighting of Top 10 5.16% 4.5% 101.7% 98.31%

Top 10 Holdings

  1. BlackRock Liquidity Funds: MuniCash, Institutional Shares 1.48%
  2. NEW JERSEY ST 0.62%
  3. ILLINOIS ST TOLL HIGHWAY AUTH 0.44%
  4. TEXAS ST TRANSPRTN COMMISSIONST HIGHWAY FUND REVENUE 0.42%
  5. MICHIGAN ST 0.40%
  6. MISSISSIPPI ST 0.39%
  7. HAMPTON ROADS VA SANTN DIST WSTWTR REVENUE 0.38%
  8. ALABAMA FEDERAL AID HIGHWAY FIN AUTH SPL OBLIG REVENUE 0.35%
  9. ILLINOIS ST 0.35%
  10. GEORGIA ST 0.34%

Asset Allocation

Weighting Return Low Return High IBMO % Rank
Bonds
98.45% 0.00% 109.30% 15.18%
Cash
1.55% -24.70% 53.61% 48.69%
Stocks
0.00% 0.00% 100.13% 94.24%
Preferred Stocks
0.00% 0.00% 11.70% 92.15%
Other
0.00% -0.07% 5.62% 87.96%
Convertible Bonds
0.00% 0.00% 6.56% 96.34%

Bond Sector Breakdown

Weighting Return Low Return High IBMO % Rank
Municipal
98.65% 0.00% 99.98% 3.66%
Cash & Equivalents
1.48% 0.00% 80.50% 48.69%
Derivative
0.00% -0.07% 0.78% 84.82%
Securitized
0.00% 0.00% 81.91% 94.76%
Corporate
0.00% 0.00% 99.84% 96.86%
Government
0.00% 0.00% 99.79% 96.34%

Bond Geographic Breakdown

Weighting Return Low Return High IBMO % Rank
US
98.45% 0.00% 109.30% 15.18%
Non US
0.00% 0.00% 7.58% 92.15%

IBMO - Expenses

Operational Fees

IBMO Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.18% 0.06% 13.37% 78.42%
Management Fee 0.18% 0.00% 0.79% 58.10%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.29% N/A

Sales Fees

IBMO Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

IBMO Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

IBMO Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 2.00% 0.00% 121.26% 13.04%

IBMO - Distributions

Dividend Yield Analysis

IBMO Category Low Category High IBMO % Rank
Dividend Yield 2.12% 0.00% 9.37% 88.48%

Dividend Distribution Analysis

IBMO Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

IBMO Category Low Category High IBMO % Rank
Net Income Ratio 0.66% -0.06% 5.71% 94.41%

Capital Gain Distribution Analysis

IBMO Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Semi-Annually

Distributions History

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IBMO - Fund Manager Analysis

Managers

James Mauro


Start Date

Tenure

Tenure Rank

Apr 02, 2019

3.16

3.2%

Head of San Francisco Fixed Income Core PM at BlackRock, Inc. since 2020; Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2010 to 2014; Vice President of State Street Global Advisors from 2001 to 2010. James Mauro has been employed by BlackRock Fund Advisors and BlackRock Institutional Trust Company, N.A. (“BTC”) as a portfolio manager since 2011. Prior to joining BTC, Mr. Mauro was a Vice President at State Street Global Advisors. His primary responsibilities include management of all government, inflation linked and derivative strategies. Other responsibilities include hedging and managing risk across all asset classes through futures and option overlays. James joined State Street Corporation in 1993. Previously, he worked as a portfolio manager on the passive team where he co-managed several Bond Index portfolios.

Karen Uyehara


Start Date

Tenure

Tenure Rank

Mar 01, 2021

1.25

1.3%

Ms. Uyehara is a Director of BlackRock, which she joined in 2010. Ms. Uyehara is a portfolio manager and member of BlackRock’s Model-Based Fixed Income Portfolio Management Group. Prior to joining BlackRock, Ms. Uyehara was a portfolio manager at Western Asset Management Company from2002 to 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 17.59 6.48 3.75