iShares iBonds 2023 Term High Yield and Income ETF
Name
As of 12/15/2023Price
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
Vitals
YTD Return
4.0%
1 yr return
4.3%
3 Yr Avg Return
2.7%
5 Yr Avg Return
N/A
Net Assets
$175 M
Holdings in Top 10
40.7%
52 WEEK LOW AND HIGH
$23.7
$23.35
$23.70
Expenses
OPERATING FEES
Expense Ratio 0.35%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 46.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/15/2023Price
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
IBHC - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return 2.7%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.40%
- Dividend Yield 4.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameiShares iBonds 2023 Term High Yield and Income ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateMay 07, 2019
-
Shares Outstanding5000000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Mauro
Fund Description
The Fund seeks to meet its investment objective generally by investing in component securities of the Bloomberg 2023 Term High Yield and Income Index (the “Underlying Index”). The Fund may also invest in other exchange-traded funds (“ETFs”), U.S. government securities, short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.
The Fund is a term fund that will terminate on or about December 15, 2023, at which time it will distribute its
remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions. The Underlying Index is composed of U.S. dollar-denominated, taxable, fixed-rate, high yield (which are considered below investment-grade) and BBB or equivalently rated (as determined by Bloomberg Index Services Limited (the “Index Provider” or “Bloomberg”)) corporate bonds scheduled to mature between January 1, 2023 and December 15, 2023, inclusive. Securities eligible for inclusion in the Underlying Index are selected from a universe of corporate issuers (e.g., industrial, financial institutions, utilities) determined by Bloomberg. As of October 31, 2022, a significant portion of the Underlying Index is represented by securities of companies in the consumer cyclical and financials industries or sectors. The components of the Underlying Index are likely to change over time.
The bonds in the Underlying Index have $250 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers included in the Underlying Index consist primarily of corporate bonds issued by companies domiciled in developed countries. The
Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond included in the Underlying Index must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”). Subject to the methodology of the Underlying Index discussed below, the securities in the Underlying Index may carry a coupon that steps-up according to a predetermined schedule (i.e., the interest rate paid on such securities will increase over time). The Underlying Index will be subject to issuer limits of 3%, with any excess redistributed among the remaining constituents on a pro-rata basis.
The securities in the Underlying Index are updated on the last calendar day of each month until six months before maturity, with the last rebalance date on June 30, 2023.
The Underlying Index consists of bonds chosen from two sub-indices, the Bloomberg U.S. High Yield Index (the “High Yield Index”) and the Bloomberg U.S. Corporate Index (the “Corporate Index”), both of which are stripped of securities maturing outside of the maturity range defined above. BBB-rated bonds from the Corporate Index will be introduced to the Underlying Index under the following conditions: (1) in the last 2.5 years but before the last 6 months of the Underlying Index’s term, the Underlying Index will introduce BBB-rated bonds (which are considered investment-grade) as constituent high yield bonds (which are considered below investment-grade) are called, no longer qualify for inclusion (due to, among other factors, sector reclassifications of issuers, changes in the credit rating of
bonds included in the Underlying Index or rebalances to maintain issuer limits), or decline in value compared to a reference point set at 2.5 years from the Underlying Index’s term or (2) if, prior to the last 2.5 years remaining in the Underlying Index’s term, the market value of the high yield bonds in the Underlying Index declines below $30 billion, the Underlying Index will add BBB-rated bonds to maintain a $30 billion minimum market value for the Underlying Index. In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro-rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, proceeds are not reinvested and are presumed to be held in cash while earning no interest.
Bonds with a clean price (i.e., the price does not include accrued interest between coupon payments) below $60 on or after April 1, 2022 are permanently excluded from the Underlying Index. During the final 2.5 years of the maturity of the index, bonds that fall below $60 at rebalance will be permanently ineligible for the index.
In addition, to be included in the Underlying Index, securities that are rated by all three of the rating agencies named below must be rated “high yield” to be selected from the High Yield Index and “BBB” to be selected from the Corporate Index. The bonds from the High Yield Index must have a rating equal to or below “Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the Corporate Index must have a rating of “BBB” (or equivalent). The Index Provider will use the middle rating of
Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor's® Global Ratings, a subsidiary of S&P Global (“S&P Global Ratings”) and Fitch Ratings, Inc. (“Fitch”); when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.
The Fund is a series of the iShares iBonds fixed maturity series of bond ETFs sponsored by BlackRock, Inc. (“BlackRock”). The iShares 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.
BFA uses a “passive” or 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 instruments of the Underlying Index, and (except during the last twelve months of the Fund’s operations) 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. 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.
In the last six months of operation, as the bonds held by the Fund mature, the proceeds may not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By fifteen days prior to maturity, the Underlying Index is expected to consist almost entirely of cash and cash equivalents. On or around this date, the Fund will wind up and terminate, and its net
assets will be distributed to then-current shareholders pursuant to a plan of liquidation.
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. To the extent that the Fund invests in money market or similar funds, it will incur the fees and expenses of such funds.
The Fund should not be confused with a target date fund, which has assets that are managed according to a particular investment strategy that converts fund assets to conservative investments over time.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is sponsored by Bloomberg, which is independent 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.
IBHC - Performance
Return Ranking - Trailing
| Period | IBHC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -5.7% | 16.5% | 96.72% |
| 1 Yr | 4.3% | -8.1% | 76.0% | 95.07% |
| 3 Yr | 2.7%* | -14.6% | 20.2% | 20.06% |
| 5 Yr | N/A* | -10.0% | 38.2% | 10.02% |
| 10 Yr | N/A* | -4.1% | 19.7% | 13.97% |
* Annualized
Return Ranking - Calendar
| Period | IBHC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -3.9% | -33.4% | 3.6% | 0.60% |
| 2022 | 0.0% | -8.4% | 8.2% | 52.74% |
| 2021 | -2.2% | -13.2% | 302.7% | 83.74% |
| 2020 | N/A | -4.4% | 13.3% | N/A |
| 2019 | N/A | -18.4% | -0.4% | N/A |
Total Return Ranking - Trailing
| Period | IBHC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -5.7% | 16.5% | 96.72% |
| 1 Yr | 4.3% | -8.1% | 76.0% | 95.07% |
| 3 Yr | 2.7%* | -14.6% | 20.2% | 20.06% |
| 5 Yr | N/A* | -10.0% | 38.2% | N/A |
| 10 Yr | N/A* | -4.1% | 19.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | IBHC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -0.9% | -33.4% | 47.8% | 1.95% |
| 2022 | 4.3% | -8.4% | 12.4% | 67.76% |
| 2021 | 3.5% | -9.6% | 325.6% | 76.65% |
| 2020 | N/A | 0.9% | 19.4% | N/A |
| 2019 | N/A | -10.7% | 4.5% | N/A |
IBHC - Holdings
Concentration Analysis
| IBHC | Category Low | Category High | IBHC % Rank | |
|---|---|---|---|---|
| Net Assets | 175 M | 1.85 M | 22.6 B | 72.31% |
| Number of Holdings | 96 | 2 | 2736 | 93.93% |
| Net Assets in Top 10 | 78 M | -492 M | 4.6 B | 49.56% |
| Weighting of Top 10 | 40.71% | 4.2% | 149.0% | 5.77% |
Top 10 Holdings
- BlackRock Cash Funds: Treasury, SL Agency Shares 11.02%
- Sprint LLC 5.37%
- Newmark Group Inc 3.57%
- Ball Corp 3.54%
- BlackRock Cash Funds: Institutional, SL Agency Shares 3.21%
- Ford Motor Credit Co LLC 3.03%
- Starwood Property Trust Inc 2.85%
- Commerzbank AG 2.81%
- AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.68%
- Navient Corp 2.63%
Asset Allocation
| Weighting | Return Low | Return High | IBHC % Rank | |
|---|---|---|---|---|
| Bonds | 87.51% | 0.00% | 154.38% | 90.57% |
| Cash | 14.23% | -52.00% | 78.36% | 3.85% |
| Convertible Bonds | 1.79% | 0.00% | 17.89% | 27.81% |
| Stocks | 0.00% | 0.00% | 99.61% | 94.11% |
| Preferred Stocks | 0.00% | 0.00% | 7.89% | 86.39% |
| Other | 0.00% | -63.70% | 98.03% | 75.00% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | IBHC % Rank | |
|---|---|---|---|---|
| Corporate | 94.51% | 0.00% | 129.69% | 51.56% |
| Cash & Equivalents | 14.23% | 0.00% | 78.19% | 3.70% |
| Securitized | 0.16% | 0.00% | 97.24% | 34.81% |
| Derivative | 0.00% | -12.96% | 42.26% | 71.89% |
| Municipal | 0.00% | 0.00% | 4.66% | 77.33% |
| Government | 0.00% | 0.00% | 99.07% | 84.89% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | IBHC % Rank | |
|---|---|---|---|---|
| US | 87.51% | 0.00% | 129.21% | 77.96% |
| Non US | 0.00% | 0.00% | 97.19% | 85.95% |
IBHC - Expenses
Operational Fees
| IBHC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.35% | 0.04% | 31.61% | 97.34% |
| Management Fee | 0.35% | 0.00% | 1.84% | 9.60% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| IBHC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| IBHC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
| IBHC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 46.00% | 1.00% | 255.00% | 22.13% |
IBHC - Distributions
Dividend Yield Analysis
| IBHC | Category Low | Category High | IBHC % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.90% | 0.00% | 34.52% | 6.92% |
Dividend Distribution Analysis
| IBHC | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| IBHC | Category Low | Category High | IBHC % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.40% | -2.39% | 14.30% | 51.13% |
Capital Gain Distribution Analysis
| IBHC | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 07, 2023 | $0.097 | OrdinaryDividend |
| Nov 07, 2023 | $0.103 | OrdinaryDividend |
| Oct 06, 2023 | $0.091 | OrdinaryDividend |
| Sep 08, 2023 | $0.093 | OrdinaryDividend |
| Aug 07, 2023 | $0.094 | OrdinaryDividend |
| Jul 10, 2023 | $0.100 | OrdinaryDividend |
| Jun 07, 2023 | $0.089 | OrdinaryDividend |
| May 05, 2023 | $0.086 | OrdinaryDividend |
| Apr 07, 2023 | $0.079 | OrdinaryDividend |
| Mar 07, 2023 | $0.078 | OrdinaryDividend |
| Feb 07, 2023 | $0.074 | OrdinaryDividend |
| Dec 21, 2022 | $0.070 | OrdinaryDividend |
| Dec 07, 2022 | $0.071 | OrdinaryDividend |
| Nov 07, 2022 | $0.061 | OrdinaryDividend |
| Oct 07, 2022 | $0.057 | OrdinaryDividend |
| Sep 08, 2022 | $0.053 | OrdinaryDividend |
| Aug 05, 2022 | $0.057 | OrdinaryDividend |
| Jul 08, 2022 | $0.057 | OrdinaryDividend |
| Jun 07, 2022 | $0.059 | OrdinaryDividend |
| May 06, 2022 | $0.057 | OrdinaryDividend |
| Apr 07, 2022 | $0.051 | OrdinaryDividend |
| Mar 07, 2022 | $0.057 | OrdinaryDividend |
| Feb 07, 2022 | $0.057 | OrdinaryDividend |
| Dec 22, 2021 | $0.069 | OrdinaryDividend |
| Dec 07, 2021 | $0.072 | OrdinaryDividend |
| Nov 05, 2021 | $0.074 | OrdinaryDividend |
| Oct 07, 2021 | $0.081 | OrdinaryDividend |
| Sep 08, 2021 | $0.082 | OrdinaryDividend |
| Aug 06, 2021 | $0.082 | OrdinaryDividend |
| Jul 08, 2021 | $0.082 | OrdinaryDividend |
| Jun 07, 2021 | $0.089 | OrdinaryDividend |
| May 07, 2021 | $0.098 | OrdinaryDividend |
| Apr 08, 2021 | $0.100 | OrdinaryDividend |
| Mar 05, 2021 | $0.105 | OrdinaryDividend |
| Feb 05, 2021 | $0.110 | OrdinaryDividend |
| Dec 23, 2020 | $0.122 | OrdinaryDividend |
| Dec 07, 2020 | $0.110 | OrdinaryDividend |
| Nov 06, 2020 | $0.108 | OrdinaryDividend |
| Oct 07, 2020 | $0.116 | OrdinaryDividend |
| Sep 08, 2020 | $0.109 | OrdinaryDividend |
| Aug 07, 2020 | $0.109 | OrdinaryDividend |
| Jul 08, 2020 | $0.100 | OrdinaryDividend |
| Jun 05, 2020 | $0.110 | OrdinaryDividend |
| May 07, 2020 | $0.119 | OrdinaryDividend |
| Apr 07, 2020 | $0.114 | OrdinaryDividend |
| Mar 06, 2020 | $0.114 | OrdinaryDividend |
| Feb 07, 2020 | $0.113 | OrdinaryDividend |
| Dec 26, 2019 | $0.115 | OrdinaryDividend |
| Dec 06, 2019 | $0.121 | OrdinaryDividend |
| Nov 07, 2019 | $0.119 | OrdinaryDividend |
| Oct 07, 2019 | $0.115 | OrdinaryDividend |
| Sep 09, 2019 | $0.120 | OrdinaryDividend |
| Aug 07, 2019 | $0.123 | OrdinaryDividend |
| Jul 08, 2019 | $0.207 | OrdinaryDividend |
IBHC - Fund Manager Analysis
Managers
James Mauro
Start Date
Tenure
Tenure Rank
May 07, 2019
3.07
3.1%
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 |
|---|---|---|---|
| 0.13 | 37.79 | 7.11 | 8.17 |