iShares iBonds Mar 2020 Term Corporate ex-Financials
ALTAR
Score™
2.0% info Median Credit
S&P/Moody's
A/A2
 
Yield to
Maturity
2.2% Current
Yield
3.0%
Macaulay
Duration
0.4 yrs Modified
Duration
0.4%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
iSharesBond 2020 Corporate ex-Financials Term ETF is an exchange-traded fund incorporated in the USA. The ETF seeks results that correspond to the price and yield performance of the Barclays 2020 Maturity High Quality Corporate Index.

FUND BASICS
Category Corporate
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Apr 19, 2013
Assets (mns) $84
Currency USD
Expense ratio 10 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian State Street Bank & Trust Co
Weighting Multi Factor
Index replication Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 132
No of distinct issuers 105
Inflation protected 0%
Variable/Fixed coupon 29% /71%
Non-standard maturity (callable, etc.) 60%

TOP TEN HOLDINGS
0.0% /00/00 22.2 %
ALIBABA GROUP HOLDING 2.5% 11/28/19 2.5 %
COMCAST CORPORATION 5.2% 3/01/20 2.1 %
PEPSICO, INC. 4.5% 1/15/20 2.0 %
EXXON MOBIL CORPORATI 1.9% 3/06/20 1.9 %
PHILIP MORRIS INTERNA 2.0% 2/21/20 1.9 %
CISCO SYSTEMS, INC. 4.5% 1/15/20 1.8 %
ORACLE CORPORATION 2.3% 1/08/19 1.6 %
SHELL INTERNATIONAL F 4.4% 3/25/20 1.5 %
MICROSOFT CORPORATION 1.9% 2/12/20 1.5 %
   
TOTAL 39.1 %

TOP ISSUERS
BP CAPITAL MARKETS PLC2.4%
HONEYWELL INTERNATIONAL INC.2.4%
ALIBABA GROUP HOLDING LTD.2.4%
COMCAST CORP2.2%
SHELL INTERNATIONAL FINANCE BV2.2%

TOP COUNTRY EXPOSURE
UNITED STATES 60.3 %
BRITAIN 2.7 %
CHINA 2.4 %
NETHERLANDS 2.2 %
MEXICO 0.9 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
1.9% 2.8% 2.0% -- 1.7%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 0.28 45%
S&P500 -0.01 1%
MSCI EAFE 0.01 1%
MSCI Emg. Mkts. 0.02 4%

Technical Indicators
Recent close $24.59
30d moving avg. $24.58
Annualized volatility 1.2%
Short interest (ETF) 0.4%
Relative strength (RSI) 53
Liquidity measures
Avg. volume (thou.) 2
Avg. daily value traded (mns) $0
Turnover 0.1%
Bid/Ask (% of price) 0.14

Distributions


Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
IBCD 0.4 yrs Category
Avg.*
4.7 yrs
 

Modified Duration info
 
IBCD 0.4% Category
Avg.*
4.6%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 5.22% 0.7% $24.75
+200 bp 4.22% 0.0% $24.59
+150 bp 3.72% -0.1% $24.56
+100 bp 3.22% -0.2% $24.54
+75 bp 2.97% -0.2% $24.54
+50 bp 2.72% -0.1% $24.55
+25 bp 2.47% -0.1% $24.56
0 bp 2.22% 0% $24.59
-25 bp 1.97% 0.1% $24.61
-50 bp 1.72% 0.2% $24.64
-75 bp 1.47% 0.4% $24.68
-100 bp 1.22% 0.6% $24.73
-150 bp 0.72% 1.0% $24.83
-200 bp 0.22% 1.6% $24.97
-300 bp -0.78% 2.9% $25.31

*Fund Category: CORPORATE

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 222 bp
Less: Annual "default factor" info 9 bp
Less: Expense ratio 10 bp
Equals: ALTAR Score 2.03 %
 

Average ALTAR Score™ by Category
Aggregate 1.7%
Corporate 2.3%
Emerging Market 3.6%
Government 1.6%
Inflation Protected 1.7%
Mortgage 2.8%
Municipals 2.2%
 
*Note: The iShares iBonds Mar 2020 Term Corporate ex-Financials is classified as a Corporate fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.