Fixed Income

IBMJ

iBonds® Dec 2021 Term Muni Bond ETF

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  • Fees as stated in the prospectus Expense Ratio: 0.18%

Overview

Why IBMJ?

1. Exposure to investment grade municipal bonds that mature in 2021

 

2. Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock

 

3. Use to seek tax-exempt income, build a bond ladder, and manage interest rate risk

 

The legal name of this fund is the iShares® iBonds® Dec 2021 Term Muni Bond ETF.

INVESTMENT OBJECTIVE

The iShares® iBonds® Dec 2021 Term Muni Bond ETF seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2020 and before December 2, 2021.

This Fund is covered by U.S. Patent Nos. 8,438,100 and 8,655,770.
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Performance

Performance

  • Returns

  2015 2016 2017 2018 2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. - -0.07 2.16 1.36 2.86
Market Price (%) Beginning August 10, 2020, market price returns are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid-ask prices at 4:00 PM ET (when NAV is normally determined for most funds). - 0.08 2.16 1.28 2.77
Benchmark (%) Index: S&P AMT- Free Municipal Series Dec 2021 Index - -0.10 2.44 1.53 3.04
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.
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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
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Distributions Schedule
Record Date Ex-Date Payable Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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Key Facts

Key Facts

Net Assets as of Sep 28, 2020 $305,277,298
Inception Date Sep 01, 2015
Exchange NYSE Arca
Asset Class Fixed Income
Benchmark Index S&P AMT- Free Municipal Series Dec 2021 Index
Bloomberg Index Ticker SPMUD21T
Shares Outstanding as of Sep 28, 2020 11,800,000
Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. as of Sep 28, 2020 1,454
Premium/Discount The amount the fund’s closing price is trading above or below the reported NAV, expressed as a percentage of the NAV. When the fund’s closing price is greater than the fund’s NAV, it is said to be trading at a “premium” and the percentage is expressed as a positive number. When the fund’s closing price is less than the fund’s NAV, it is said to be trading at a “discount” and the percentage is expressed as a negative number. as of Sep 28, 2020 -0.04%
CUSIP 46435G789
Closing Price as of Sep 28, 2020 25.86
Options Available No
30 Day Avg. Volume The average number of shares traded in a security across all U.S. exchanges over the last 30 calendar days. as of Sep 25, 2020 36,208.00
30 Day Median Bid/Ask Spread The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth. as of Sep 25, 2020 0.15%
Daily Volume The number of shares traded in a security across all U.S. exchanges on the date indicated. as of Sep 28, 2020 10,821.00
NAIC Designated (Schedule D Eligible)

Portfolio Characteristics

Portfolio Characteristics

Equity Beta (3y) Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security&#39;s price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market.<br/><br/>Calculated vs. S&amp;P 500 as of Aug 31, 2020 0.01
30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund&#39;s expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Sep 25, 2020 0.10%
Average Yield to Maturity The discount rate that equates the present value of a bond’s cash flows with its market price (including accrued interest). The Fund Average Yield to Maturity is the weighted average of the fund’s individual bond holding yields based on Net Asset Value (‘NAV’). The measure does not include fees and expenses. For callable bonds, this yield is the yield-to-worst. as of Sep 25, 2020 0.29%
Standard Deviation (3y) Standard deviation measures how dispersed returns are around the average. A higher standard deviation indicates that returns are spread out over a larger range of values and thus, more volatile. as of Aug 31, 2020 1.35%
12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. as of Sep 25, 2020 1.40%
Tax Equiv. SEC Yield Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond. The highest Federal and State individual income tax rates are assumed.&lt;br&gt;&lt;br&gt;Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate) as of Sep 25, 2020 0.17%
Weighted Avg Coupon The average coupon rate of the underlying bonds in the fund, weighted by each bond&#39;s face value. as of Sep 25, 2020 4.79%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Sep 25, 2020 0.78 yrs
Weighted Avg Maturity The average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date. as of Sep 25, 2020 0.79 yrs
Convexity Convexity measures the change in duration for a given change in rates. Positive convexity indicates that duration lengthens when rates fall and contracts when rates rise; negative convexity indicates that duration contracts when rates fall and increases when rates rise. as of Sep 25, 2020 0.01
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

For newly launched funds, sustainability characteristics are typically available 6 months after launch.

Sustainability characteristics are displayed for funds included in MSCI ESG Fund Ratings. To be included in MSCI ESG Fund Ratings, 65% of the fund’s underlying holdings (excluding cash positions) must be covered by MSCI ESG Research, the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

 

Inclusion of Sustainability Characteristics is not indicative of a fund’s investment objective, nor is it an implication that a fund employs an ESG-related portfolio management strategy.

Holdings

Holdings

as of Sep 25, 2020
Issuer Weight (%)
OHIO (STATE OF) 2.56
CALIFORNIA (STATE OF) 2.21
MASSACHUSETTS (COMMONWEALTH OF) 1.94
DORMITORY AUTHORITY OF STATE OF NEW YORK 1.93
WASHINGTON (STATE OF) 1.92
Issuer Weight (%)
NEW YORK N Y 1.77
NORTH TEXAS TOLLWAY AUTHORITY 1.55
WISCONSIN (STATE OF) 1.50
VIRGINIA COMWLTH TRANSN BRD 1.46
DISTRICT OF COLUMBIA (WASHINGTON DC) 1.32
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency
Detailed Holdings and Analytics Detailed portfolio holdings information. For fixed income holdings, issuance date can be found under the supplemental holdings file. Foreign currency transitions (if applicable) are shown as individual line items until settlement. Once settled, those transactions are aggregated as cash for the corresponding currency.
Holdings are subject to change.

Non-U.S. securities whose values are affected by volatility that occurs in global markets or in related or highly correlated assets (e.g., American Depositary Receipts, Global Depositary Receipts or substantially identical ETFs) on a trading day after the close of non-U.S. securities markets may be fair valued. On days where non-U.S. securities markets are closed, BlackRock Fund Advisors, an affiliate of BlackRock Investments, LLC, will determine the fair value of the stocks traded on that local market, in accordance with policies and procedures approved by the Fund’s Board of Directors/Trustees. Fair value adjustments may be calculated by referring to instruments and markets that have continued to trade, such as exchange-traded funds, correlated stock market indices or index futures. Please see the Determination of Net Asset Value section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

Exposure Breakdowns

Exposure Breakdowns

as of Sep 25, 2020

% of Market Value

Type Fund
The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of Sep 25, 2020

% of Market Value

Type Fund
as of Sep 25, 2020

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security, the lower of the two ratings if only two agencies rate a security, and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

Estimated Net Acquisition Yield Calculator

Estimated Net Acquisition Yield Calculator

Calculate the Estimated Net Acquisition Yield (ENA Yield) based on the projected market purchase price that you input. This estimate also reflects the deduction of the expense ratio (18 basis points).
The NAV (as of Sep 28, 2020) used in the calculation is $25.87. The value you enter should correspond to your estimated market purchase price as of Sep 28, 2020.
Please note that the results generated by the Estimated Net Acquisition Yield Calculator are for illustrative purposes only and are not representative of any specific investment outcome.
Please input an amount less than $20,000

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iTHINKING, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

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