iShares S&P Nat'L AMT-Free Muni
ALTAR
Score™
2.4% info Median Credit
S&P/Moody's
AA/Aa2
 
Yield to
Maturity
2.7% Current
Yield
4.3%
Macaulay
Duration
8.4 yrs Modified
Duration
8.2%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
iShares National AMT-Free Muni Bond ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds.

FUND BASICS
Category Municipals
Fund Sponsor BlackRock Fund Advisors
Website www.ishares.com
Inception date Sep 10, 2007
Assets (mns) $8,700
Currency USD
Expense ratio 25 bp
Distributions Monthly

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

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 3203
No of distinct issuers 646
Inflation protected 0%
Variable/Fixed coupon 12% /88%
Non-standard maturity (callable, etc.) 48%

TOP TEN HOLDINGS
CALIFORNIA ST 5.0% 4/01/18 0.3 %
UNIVERSITY CALIF REVS 5.0% 5/15/23 0.3 %
CALIFORNIA ST FOR PRE 5.0% 11/01/43 0.3 %
NEW YORK ST TWY AUTH 5.0% 5/01/19 0.3 %
WASHINGTON ST 5.0% 6/01/21 0.3 %
NEW YORK N Y 5.0% 8/01/27 0.3 %
NEW YORK ST DORM AUTH 5.0% 12/15/26 0.2 %
SAN ANTONIO TEX ELEC 5.0% 2/01/22 0.2 %
CALIFORNIA ST 6.0% 4/01/19 0.2 %
PENNSYLVANIA ST TPK C 5.0% 12/01/46 0.2 %
   
TOTAL 2.8 %

TOP ISSUERS
CALIFORNIA ST FOR PREVIOUS ISSUES ...4.4%
CALIFORNIA ST3.1%
NEW JERSEY ST TRANSN TR FD AUTH1.7%
NEW YORK N Y CITY TRANSITIONAL FIN...1.6%
NEW YORK N Y CITY MUN WTR FIN AUTH1.4%

TOP COUNTRY EXPOSURE
UNITED STATES 97.2 %

 





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.
3.7% -0.3% 2.4% -- 4.1%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 0.93 57%
S&P500 -0.05 2%
MSCI EAFE 0.01 0%
MSCI Emg. Mkts. 0.03 1%

Technical Indicators
Recent close $111.31
30d moving avg. $110.89
Annualized volatility 3.6%
Short interest (ETF) 0.9%
Relative strength (RSI) 71
Liquidity measures
Avg. volume (thou.) 413
Avg. daily value traded (mns) $46
Turnover 0.5%
Bid/Ask (% of price) 0.02

Distributions


Yield Comparison

*Fund Category: MUNICIPALS

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
MUB 8.4 yrs Category
Avg.*
8.0 yrs
 

Modified Duration info
 
MUB 8.2% Category
Avg.*
7.8%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 5.70% -15.7% $93.87
+200 bp 4.70% -12.4% $97.46
+150 bp 4.20% -10.1% $100.09
+100 bp 3.70% -7.2% $103.27
+75 bp 3.45% -5.6% $105.07
+50 bp 3.20% -3.9% $107.01
+25 bp 2.95% -2.0% $109.09
0 bp 2.70% 0% $111.31
-25 bp 2.45% 2.1% $113.67
-50 bp 2.20% 4.4% $116.16
-75 bp 1.95% 6.7% $118.80
-100 bp 1.70% 9.2% $121.57
-150 bp 1.20% 14.6% $127.54
-200 bp 0.70% 20.4% $134.07
-300 bp -0.30% 33.7% $148.78

*Fund Category: MUNICIPALS

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 270 bp
Less: Annual "default factor" info 6 bp
Less: Expense ratio 25 bp
Equals: ALTAR Score 2.39 %
 

Average ALTAR Score™ by Category
Aggregate 1.5%
Corporate 1.9%
Emerging Market 3.7%
Government 1.3%
Inflation Protected 1.5%
Mortgage 2.7%
Municipals 2.4%
 
*Note: The iShares S&P Nat'L AMT-Free Muni is classified as a Municipals 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.