AGG Fund Description

The iShares Core U.S. Aggregate Bond ETF tracks an index of all US investment grade bonds. The market-weighted index includes Treasuries, agencies, CMBS, ABS and investment grade corporates.

AGG ETF.com Insight

AGG’s all-in cost is low and more predictable than its rivals. In a segment where four funds track essentially the same underlying index, total holding cost is all that matters. AGGdelivers its underlying index's returns with precision and consistency has one of the lowest expense ratios and delivers its underlying index’s returns with precision and consistency. AGG tracks our segment benchmark, providing excellent exposure to the US investment-grade bond market. The fund also traded at very tight spreads. Overall, AGG earns our Analyst Pick for having predictably low all-in cost and deep liquidity. (Insight updated 09/30/2014)

1 Year
Performance [as of 11/26/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
AGG 0.18% 1.09% 5.52% 5.02% 2.77% 3.88% 4.52%
AGG (NAV) 0.34% 1.13% 5.75% 4.98% 2.83% 4.00% 4.57%
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

AGG Top 10 Countries

AGG Top 10 Sectors

AGG Top 10 Holdings

AGG Summary Data

BlackRock

A company that produces and manages ETFs.

09/22/03

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.08%

The net total annual fee a fund holder pays to the issuer.

$21.65 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$232.56 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

AGG Portfolio Data

5.3

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

7.0 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

2.25%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

12/24/14

The date on which a security's price excludes an upcoming dividend.

2,787

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

AGG Index Data

Barclays U.S. Aggregate
Bond Index

This is the benchmark an ETF is desigend to track or replicate.

Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Value

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays U.S. Aggregate
Bond Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to AGG

BND, LAG, SCHZ

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

AGG Commentary & News

23 November 2014 How To Navigate Currency Debasement | ETF.com Wilfred Hahn
30 October 2014 Thinking About Fixed Income | ETF.com ETF Report Advertising
23 October 2014 Weekly ETF Flows | ETF.com

AGG ETF.com Efficiency Insight

AGG is competitively priced and tracks its underlying index very well, even though it holds only about 25% of the bonds in its underlying index. The fund has made modest capital gains in 2013 which is common among fixed income funds. Its extraordinary popularity and over $20B of AUM insulate the fund from closure. (Insight updated 09/30/2014)

Total Return - 09/30/2014
Performance [as of 09/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
AGG -0.62% 0.27% 4.04% 4.06% 2.29% 3.84% 4.41%
AGG (NAV) -0.69% 0.16% 4.14% 3.95% 2.33% 3.95% 4.43%
Barclays U.S. Aggregate Bond Index -0.68% 0.17% 4.10% 3.96% 2.43% 4.12% 4.62%
Barclays U.S. Aggregate Bond Index -0.68% 0.17% 4.10% 3.96% 2.43% 4.12% 4.62%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

AGG Portfolio Management

0.08%

The net total annual fee a fund holder pays to the issuer.

-0.08%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

0.05%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.19%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

AGG Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

AGG Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

AGG ETF.com Tradability Insight

AGG is one of the most liquid ETFs on the market, regardless of segment. Millions worth of the fund’s shares change hands daily, at very tight spreads. Traders, long-term investors and institutions can move in and out of AGG cheaply and easily. Its broad portfolio of some of the most highly traded US bonds is liquid enough to accommodate multiple creations/redemptions. (Insight updated 09/30/2014)



Average Spread
Premium/Discount
Volume

AGG ETF.com/ Block LiquidityAs of 11/26/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of AGG. AGG is rated a 5 out of 5.

AGG Tradability

2,117,108

It is the daily number of shares traded, averaged over the past 45 trading days.

$232.56 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

1,729,491

Median number of shares traded over the past 45 trading days.

$188.52 M

Median dollar value of shares traded over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.08%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.36% / -0.10%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

17.29

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

1,088

The total number of net outstanding options contracts for an ETF.

$110.28

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

AGG ETF.com Fit Insight

AGG tracks the same index as our segment benchmark. This, combined with skillful optimization that closely replicates all of the index’s key features, enables AGG to deliver broad, unbiased exposure to the US investment-grade bond market. The fund’s only flaw is an allocation to short-term paper, which drags down its yield and duration a touch. Overall, AGG is our Analyst Pick for its comprehensive market-like exposure. (Insight updated 09/30/2014)

AGG Sector/Industry Breakdown

AGG Segment Benchmark
35.52% 37.01%

29.09% 28.43%

23.36% 22.98%

5.91% 5.96%

3.55% 3.62%

2.04% 2.00%

0.51% 0.00%

0.02% 0.00%

AGG Top 5 Countries

90.06% 90.57%

1.61% 1.41%

1.50% 1.41%

1.06% 1.06%

0.81% 0.80%

AGG Top 5 Currencies

100.00% 100.00%

100.00% 100.00%

AGG Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.00%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

AGG Holdings Statistics

AGG Segment Benchmark
7.15 7.01

The weighted average of remaining time until maturity for all securities in the portfolio.

5.37 5.29

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

0.32 0.31

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

2.68 2.68

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

2.28% 2.25%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

3.61 3.60

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Low Low

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

8,858 2,787

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

A+ A+

Market–value–weighted average credit quality of the portfolio.

AGG Maturity Distribution

0.01% 3.63%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

24.48% 21.96%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

24.80% 25.54%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

27.66% 25.05%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

9.71% 10.68%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

13.34% 13.15%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

AGG Credit Breakdown

72.70% 72.97%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

3.81% 3.55%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

11.56% 11.60%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

11.93% 11.87%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

0.00% 0.01%

Percent of portfolio's exposure to BB rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to B rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).