iShares iBonds Dec 2023 Term Muni Bond ETF
Data updated: 2024-01-12
C000171897 — iShares iBonds Dec 2023 Term Muni Bond ETF. Money Market · $422.93M AUM · 0.18% expense ratio. Holdings, fees, performance and SEC filings.
C000171897 Fund Overview
iShares iBonds Dec 2023 Term Muni Bond ETF is a US ETF managed by iSHARES TRUST, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: iSHARES TRUST
- Category: Money Market
- Assets under management: $422.93M
- 1-year return: 3.0%
- SEC CIK: 0001100663
- SEC series ID: S000054724
- Share class ID: C000171897
C000171897 Investment Objective and Strategy
iShares iBonds Dec 2023 Term Muni Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by iSHARES TRUST.
Investment objective
The iShares iBonds Dec 2023 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023.
Principal investment strategy
The Fund seeks to track the investment results of the S&P AMT-Free Municipal Series Dec 2023 Index TM (the Underlying Index), which measures the performance of investment-grade (as determined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI)), non-callable U.S. municipal bonds maturing in 2023. As of October 31, 2017, there were 6,299 issues in the Underlying Index. The Underlying Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from U.S. federal income taxes. Each bond included in the Underlying Index must have a rating of at least BBB- by S&P Global Ratings, Baa3 by Moodys Investors Service, Inc. (Moody's), or BBB- by Fitch Ratings, Inc., must have a minimum maturity par amount of $2 million, and must not be subject to the federal alternative minimum tax (AMT).
To remain in the Underlying Index, bonds must maintain a minimum par amount greater than or equal to $2 million as of each rebalancing date. All bonds in the Underlying Index will mature after December 31, 2022 and before December 2, 2023. When a bond in the Underlying Index matures or is pre-refunded, the bond does not accrue interest past the maturity or pre-refunded date. An amount representing its value at the time of maturity or pre-refunding will be included in the Underlying Index throughout the remaining life of the Underlying Index, and any such amount will be assumed to earn a rate equal to the tax-exempt return of cash and cash equivalents. The Underlying Index is a market value weighted index and is rebalanced after the market close on the last business day of each month. The Fund is a series of the iShares iBonds fixed maturity series of bond exchange-traded funds sponsored by BlackRock, Inc.
(BlackRock). The iBonds fixed maturity series do not invest in U.S. savings bonds or other U.S. government bonds and are not designed to provide protection against inflation. BFA uses a passive or indexing approach to try to achieve the Funds 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 keeping 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 capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, 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 generally will invest at least 90% of its assets in the component securities of the Underlying Index, except during the last months of the Fund's operations, as described below, and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (BlackRock Cash Funds), as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.
From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in the component securities of the Underlying Index, and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of BlackRock Cash Funds, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are exempt from U.S. federal income tax, the federal AMT and the federal Medicare contribution tax of 3.8% on net investment income, including dividends, interest and capital gains. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested in bonds but instead will be held in cash and cash equivalents, including, without limitation, shares of BlackRock Cash Funds, AMT-free tax-exempt municipal notes, variable rate demand notes and obligations, tender option bonds and municipal commercial paper.
These cash equivalents may not be included in the Underlying Index. By December 2, 2023, the Underlying Index is expected to consist entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. 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 a product of SPDJI, 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.
C000171897 Holdings
Top 10 holdings of iShares iBonds Dec 2023 Term Muni Bond ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| University of California | 0.73% |
| State of Wisconsin | 0.69% |
| County of Salt Lake UT | 0.61% |
| State of California | 0.53% |
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio | 0.44% |
| Metropolitan Government of Nashville & Davidson County TN | 0.43% |
| Texas State University System | 0.39% |
| Virginia Commonwealth Transportation Board | 0.38% |
| University of Utah/The | 0.37% |
| City of New York NY | 0.37% |
C000171897 Portfolio Allocation
Asset-class allocation of iShares iBonds Dec 2023 Term Muni Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.6% |
| Cash & Equivalents | 0.1% |
C000171897 Performance
Total returns for C000171897 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.0% |
| 3 years (annualised) | 0.5% |
C000171897 Risk Information
Risk metrics for C000171897, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.7%
C000171897 Costs and Fees
C000171897 costs about $18 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.18%
- Gross expense ratio: 0.18%
- Portfolio turnover: 1%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000171897 Cashflows
Over the 12 months to 2023-10, iShares iBonds Dec 2023 Term Muni Bond ETF had net outflows of $72.90M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-10 | −$17.86M |
| 2023-09 | −$2.55M |
| 2023-08 | −$15.31M |
| 2023-07 | −$15.29M |
| 2023-06 | −$17.82M |
| 2023-05 | −$25.42M |
C000171897 Debt Constituents
Largest debt holdings of iShares iBonds Dec 2023 Term Muni Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| University of California | 0.73% |
| State of Wisconsin | 0.69% |
| County of Salt Lake UT | 0.61% |
| State of California | 0.53% |
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio | 0.44% |
| Metropolitan Government of Nashville & Davidson County TN | 0.43% |
| Texas State University System | 0.39% |
| Virginia Commonwealth Transportation Board | 0.38% |
| University of Utah/The | 0.37% |
| City of New York NY | 0.37% |
C000171897 Prospectus and SEC Filings
Official iShares iBonds Dec 2023 Term Muni Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-23
- Prospectus (485BPOS) — filed 2022-02-24
- Prospectus (485BPOS) — filed 2021-02-23
- Portfolio holdings (N-PORT) — filed 2023-12-27
- Portfolio holdings (N-PORT) — filed 2023-09-26
- Portfolio holdings (N-PORT) — filed 2023-06-27
- Annual census (N-CEN) — filed 2024-01-12
- Annual census (N-CEN) — filed 2023-01-13
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.