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Name

As of 11/21/2024

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

iShares Investment Grade Systematic Bond ETF

IGEB | ETF

$44.85

$557 M

4.97%

$2.24

0.18%

Vitals

YTD Return

3.4%

1 yr return

9.0%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

1.4%

Net Assets

$557 M

Holdings in Top 10

11.6%

52 WEEK LOW AND HIGH

$44.9
$43.40
$46.63

Expenses

OPERATING FEES

Expense Ratio 0.18%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 59.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/21/2024

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

iShares Investment Grade Systematic Bond ETF

IGEB | ETF

$44.85

$557 M

4.97%

$2.24

0.18%

IGEB - Profile

Distributions

  • YTD Total Return 3.4%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return 1.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.57%
DIVIDENDS
  • Dividend Yield 5.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    iShares Investment Grade Systematic Bond ETF
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Jul 11, 2017
  • Shares Outstanding
    3350000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Mauro

Fund Description

The Fund seeks to track the investment results of the BlackRock Investment Grade Systematic Bond Index (the “Underlying Index”), which consists of U.S. dollar-denominated, investment-grade (as determined by BlackRock Index Services, LLC (the “Index Provider”)) corporate bonds. Component securities include publicly-issued debt of U.S. corporate issuers and U.S. dollar-denominated, publicly issued debt of non-U.S. corporate issuers. As of February 29, 2024, a significant portion of the Underlying Index is represented by securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over time.
The securities in the Underlying Index must have $500 million or more current face amount outstanding, and have at least one year to final maturity, regardless of optionality, at time of rebalance. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and have a fixed-rate, although they can carry a
coupon that steps-up (i.e., changes according to a predetermined schedule). Fixed-to-Float bonds are eligible, provided that there is a minimum of 12 months until the transition date to the floating rate period. Component securities must be rated investment-grade, which is Baa3 or higher by Moody’s Investors Service, Inc. (“Moody's”) or BBB- or higher by Standard & Poor's® Global Ratings, a subsidiary of S&P Global (“S&P Global Ratings”) or Fitch Ratings, Inc. (“Fitch”). Eligibility for the Underlying Index is determined by the middle of the three available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine eligibility for the Underlying Index.
The Underlying Index determines constituent weights based on a proprietary methodology which first aims to systematically screen out certain bonds with the highest probability of default (a measure of credit quality) and then optimizes to improve risk-adjusted returns by weighting more heavily to bonds with attractive default-adjusted spreads (a measure of value) while mitigating portfolio risks and limiting turnover. This methodology, unlike the methodologies used by traditional market-value-weighted bond indexes, selects a portion of the component bonds from the broader universe of investment-grade bonds based on application of analytics measuring the probability of default. The resulting grouping of bonds is referred to as “enhanced,” by comparison to other groupings of investment-grade bonds, because the Underlying Index seeks to provide superior risk-adjusted and total returns
over longer periods of time than a comparable market-value-weighted index. Key investment characteristics such as duration are constrained to be within a specified range of a broader market-value-weighted investment-grade bond universe. The Underlying Index is rebalanced on the last business day of each month to reflect changes in eligibility, credit quality and valuation. Investment-grade bonds included in the Underlying Index, like all investment-grade debt, continue to be subject to a number of risks, including the risk of an issuer default and volatility of the market value of the 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. 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 seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
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 the Index Provider, an affiliated person of the Fund and of BFA, the Fund's investment adviser. 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.
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IGEB - Performance

Return Ranking - Trailing

Period IGEB Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -1.4% 7.7% 34.10%
1 Yr 9.0% 3.6% 12.2% 36.42%
3 Yr -1.3%* -7.7% 40.6% 18.60%
5 Yr 1.4%* -7.1% 25.4% 12.50%
10 Yr N/A* -0.1% 14.4% 12.50%

* Annualized

Return Ranking - Calendar

Period IGEB Return Category Return Low Category Return High Rank in Category (%)
2023 4.5% -5.6% 6.3% 37.57%
2022 -17.8% -28.7% 142.1% 22.09%
2021 -4.8% -12.3% 4.9% 63.91%
2020 7.0% -8.0% 10.6% 27.27%
2019 9.1% 4.3% 13.4% 78.06%

Total Return Ranking - Trailing

Period IGEB Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -1.4% 7.7% 34.10%
1 Yr 9.0% 3.6% 12.2% 36.42%
3 Yr -1.3%* -7.7% 40.6% 18.60%
5 Yr 1.4%* -7.1% 25.4% 12.50%
10 Yr N/A* -0.1% 14.4% N/A

* Annualized

Total Return Ranking - Calendar

Period IGEB Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -5.6% 12.9% 12.72%
2022 -14.9% -25.6% 151.8% 20.35%
2021 -1.1% -5.1% 7.5% 69.82%
2020 11.2% -8.0% 116.0% 32.73%
2019 15.4% 6.7% 17.4% 13.55%

IGEB - Holdings

Concentration Analysis

IGEB Category Low Category High IGEB % Rank
Net Assets 557 M 17.6 M 47.3 B 61.27%
Number of Holdings 436 4 10364 59.54%
Net Assets in Top 10 176 M -29.6 M 3.03 B 46.82%
Weighting of Top 10 11.65% 1.7% 143.7% 54.91%

Top 10 Holdings

  1. BlackRock Cash Funds: Institutional, SL Agency Shares 7.04%
  2. Apple Inc 0.53%
  3. American Express Co 0.52%
  4. Alphabet Inc 0.52%
  5. Enterprise Products Operating LLC 0.52%
  6. Johnson Johnson 0.51%
  7. Transcanada Trust 0.51%
  8. Visa Inc 0.51%
  9. BP Capital Markets PLC 0.50%
  10. Enbridge Inc 0.50%

Asset Allocation

Weighting Return Low Return High IGEB % Rank
Bonds 		98.26% 0.00% 136.47% 26.59%
Cash 		7.50% -43.80% 45.89% 10.98%
Convertible Bonds 		1.64% 0.00% 78.47% 86.13%
Stocks 		0.00% 0.00% 99.98% 35.84%
Preferred Stocks 		0.00% 0.00% 9.18% 38.15%
Other 		0.00% -4.61% 11.28% 73.41%

Bond Sector Breakdown

Weighting Return Low Return High IGEB % Rank
Corporate 		98.16% 41.80% 99.52% 12.14%
Cash & Equivalents 		7.50% 0.00% 45.89% 9.25%
Derivative 		0.00% -2.67% 2.14% 58.96%
Securitized 		0.00% 0.00% 23.18% 86.13%
Municipal 		0.00% 0.00% 3.37% 68.79%
Government 		0.00% 0.00% 25.63% 94.80%

Bond Geographic Breakdown

Weighting Return Low Return High IGEB % Rank
US 		98.26% 0.00% 110.12% 24.28%
Non US 		0.00% 0.00% 47.05% 44.51%

IGEB - Expenses

Operational Fees

IGEB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.18% 0.03% 3.33% 88.82%
Management Fee 0.18% 0.00% 1.35% 13.29%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

IGEB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

IGEB 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.

IGEB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 59.00% 0.00% 259.00% 45.03%

IGEB - Distributions

Dividend Yield Analysis

IGEB Category Low Category High IGEB % Rank
Dividend Yield 4.97% 0.00% 6.00% 13.29%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

IGEB Category Low Category High IGEB % Rank
Net Income Ratio 2.57% 0.38% 5.93% 28.07%

Capital Gain Distribution Analysis

IGEB Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Monthly Annually

Distributions History

View More +

IGEB - Fund Manager Analysis

Managers

James Mauro

Start Date

Tenure

Tenure Rank

Jul 11, 2017

4.89

4.9%

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.

Scott Radell

Start Date

Tenure

Tenure Rank

Jul 11, 2017

4.89

4.9%

Scott Radell has been employed as managing director and portfolio manager with BlackRock Investment Management LLC and BlackRock Financial Advisers (formerly, Barclays Global Fund Advisors) and its predecessors since 2009. Mr. Radell served as a portfolio manager at Barclays Global Fund Advisors and its affiliates since 2004. Radell was a credit strategist from 2003 to 2004 before becoming a CoreAlpha Bond Portfolio Manager and prior to that he was employed by Morgan Stanley Asset Management as a credit analyst from 1996 to 2003.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.81 4.41

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