iShares iBonds Dec 2023 Term Treasury ETF
Data updated: 2024-01-12
C000217184 — iShares iBonds Dec 2023 Term Treasury ETF. Money Market · $2.22B AUM · 0.07% expense ratio. Holdings, fees, performance and SEC filings.
C000217184 Fund Overview
iShares iBonds Dec 2023 Term Treasury 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: $2.22B
- 1-year return: 4.8%
- SEC CIK: 0001100663
- SEC series ID: S000067558
- Share class ID: C000217184
C000217184 Investment Objective and Strategy
iShares iBonds Dec 2023 Term Treasury 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 Treasury ETF (the Fund) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023.
Principal investment strategy
The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2023 Maturity US Treasury Index (the Underlying Index). The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2023, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions. The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2023 and December 15, 2023, inclusive. Qualifying securities are U.S.
Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (SOMA). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e ., coupon or principal) that have been stripped after inclusion in the Underlying Index. The Underlying Index is market value-weighted based on amounts outstanding reduced by amounts held by the Federal Reserve SOMA.
Accrued interest is calculated assuming next-day settlement. The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g ., an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month until six months prior to maturity. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing.
Beginning June 30, 2023, the Underlying Index will not remove interest payments and matured securities at each rebalancing but instead will retain those amounts as a growing cash position throughout the remaining life of the Underlying Index. 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 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 U.S.
Treasury securities that BFA believes will help the Fund track the Underlying Index, in each case except during the last months of the Fund's operations, as described below. 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. 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. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents.
To the extent that the Fund invests in money market or similar funds, it will incur the fees and expenses of such funds. By December 15, 2023, the Underlying Index is expected to consist almost entirely of cash earned in this manner. On or around this date, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. 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 owned, maintained and administered by ICE Data Indices, LLC (the Index Provider or IDI), 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.
C000217184 Performance
Total returns for C000217184 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 4.8% |
| 3 years (annualised) | 0.7% |
C000217184 Risk Information
Risk metrics for C000217184, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.3%
C000217184 Costs and Fees
C000217184 costs about $7 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.07%
- Gross expense ratio: 0.07%
- Portfolio turnover: 29%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000217184 Cashflows
Over the 12 months to 2023-10, iShares iBonds Dec 2023 Term Treasury ETF had net inflows of $1.10B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-10 | −$520.96M |
| 2023-09 | −$104.05M |
| 2023-08 | −$59.42M |
| 2023-07 | −$4.95M |
| 2023-06 | −$28.50M |
| 2023-05 | −$16.10M |
C000217184 Debt Constituents
No individual debt constituents are reported in iShares iBonds Dec 2023 Term Treasury ETF's latest SEC N-PORT filing.
C000217184 Prospectus and SEC Filings
Official iShares iBonds Dec 2023 Term Treasury 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.