iShares Long-Term Corporate Bond ETF
ALTAR
Score™
2.8% info Median Credit
S&P/Moody's
A-/A3
 
Yield to
Maturity
3.1% Current
Yield
3.8%
Macaulay
Duration
15.1 yrs Modified
Duration
14.8%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
The iShares Long-Term Corporate Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years.

FUND BASICS
Category Corporate
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Dec 08, 2009
Assets (mns) $1,701
Currency USD
Expense ratio 6 bp
Distributions Monthly

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

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 2363
No of distinct issuers 788
Inflation protected 0%
Variable/Fixed coupon 5% /95%
Non-standard maturity (callable, etc.) 62%

TOP TEN HOLDINGS
0.0% /00/00 1.8 %
GE CAPITAL INTERNATIO 4.4% 11/15/35 0.4 %
ANHEUSER-BUSCH COS. L 4.9% 2/01/46 0.4 %
GOLDMAN SACHS GROUP, 6.8% 1/01/37 0.4 %
CVS HEALTH CORPORATIO 5.1% 3/25/48 0.4 %
ANHEUSER-BUSCH COS. L 4.7% 2/01/36 0.3 %
DEUTSCHE TELEKOM INTE 8.8% 6/15/30 0.3 %
GENERAL ELECTRIC CAPI 6.8% 3/15/32 0.3 %
VERIZON COMMUNICATION 4.0% 12/03/29 0.2 %
CVS HEALTH CORPORATIO 4.8% 3/25/38 0.2 %
   
TOTAL 4.8 %

TOP ISSUERS
COMCAST CORPORATION1.7%
AT&T INC.1.7%
MICROSOFT CORPORATION1.3%
VERIZON COMMUNICATIONS INC.1.2%
ORACLE CORPORATION0.9%

TOP COUNTRY EXPOSURE
UNITED STATES 82.7 %
CANADA 2.1 %
NETHERLANDS 2.0 %
BRITAIN 1.6 %
MEXICO 0.9 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
6.7% 13.9% 8.5% 7.5% 7.8%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 2.30 56%
S&P500 0.27 21%
MSCI EAFE 0.31 25%
MSCI Emg. Mkts. 0.26 26%

Technical Indicators
Recent close $70.34
30d moving avg. $68.58
Annualized volatility 9.9%
Short interest (ETF) 0.4%
Relative strength (RSI) 65
Liquidity measures
Avg. volume (thou.) 224
Avg. daily value traded (mns) $16
Turnover 0.9%
Bid/Ask (% of price) 0.10

Distributions


Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
IGLB 15.1 yrs Category
Avg.*
5.1 yrs
 

Modified Duration info
 
IGLB 14.8% Category
Avg.*
5.0%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 6.11% -35.5% $45.38
+200 bp 5.11% -25.7% $52.29
+150 bp 4.61% -20.0% $56.28
+100 bp 4.11% -13.8% $60.61
+75 bp 3.86% -10.6% $62.91
+50 bp 3.61% -7.2% $65.30
+25 bp 3.36% -3.6% $67.78
0 bp 3.11% 0% $70.34
-25 bp 2.86% 3.8% $72.99
-50 bp 2.61% 7.7% $75.73
-75 bp 2.36% 11.7% $78.56
-100 bp 2.11% 15.8% $81.47
-150 bp 1.61% 24.5% $87.57
-200 bp 1.11% 33.7% $94.02
-300 bp 0.11% 53.5% $107.96

*Fund Category: CORPORATE

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 311 bp
Less: Annual "default factor" info 21 bp
Less: Expense ratio 6 bp
Equals: ALTAR Score 2.84 %
 

Average ALTAR Score™ by Category
Aggregate 1.2%
Corporate 1.8%
Emerging Market 3.9%
Government 0.5%
Inflation Protected 1.0%
Mortgage 2.4%
Municipals 2.2%
 
*Note: The iShares Long-Term Corporate Bond ETF 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.