IVOL is a first-of-its-kind ETF which is designed to hedge the risk of an increase in fixed income volatility and/or an increase in inflation expectations. It also seeks to profit from a steepening of the yield curve, whether that occurs via rising long-term interest rates or falling short term interest rates, which are historically associated with large equity market declines.
What makes IVOL unique is that it is long interest rate volatility via its access to the OTC fixed income options market. No other active or passive ETF has provided its investors access to this market before. This access is the key to IVOL’s many applications and allows it to potentially benefit from normalization of the yield curve while seeking to provide inflation-protection.
IVOL also provides inflation-protected income.
|Net Asset Value||$28.50|
|30 Day Median Bid/Ask Spread
|Curve Spread DV01
Data as of 04/21/2021
|Curve Spread DV01 is the sensitivity of the fund’s OTC options to a 0.01% change in the steepness of the US interest rate curve.|
The ETF’s 30 Day Median Bid-Ask Spread is calculated by identifying the ETF’s national best bid and national best offer ("NBBO") 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.
Cumulative %Data as of: 03/31/2021
|Fund NAV||Closing Price||Index|
Avg Annualized % Data as of quarter end: 03/31/2021
|Fund NAV||Closing Price||Index|
*Fee waivers are contractual and in effect until August 2021
The performance data quoted represents past performance. Past performance does not guarantee future results. The 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 their original cost and current performance may be lower or higher than the performance quoted.
The Growth of $10,000 chart reflects an initial investment of $10,000 on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of $10,000 chart since inception, the initial investment of $10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a $10,000 investment in the fund is hypothetical and for illustration purposes only.
|30-day SEC Yield||0.00%|
|Unsubsidized 30-day SEC Yield||0.00%|
|Rank||Company Name||% of Net Assets||Ticker||Identifier||Type||Shares Held||Market Value($)|
|1||SCHWAB U.S. TIPS ETF||84.77%||SCHP||US8085248701||Mutual Fund||39,779,579||2,452,013,250|
|3||USD CMS 2-10 06/15/22 75||0.81%||–||–||Option||440,000||23,442,582|
|4||USD CMS 2-10 07/29/22 125||0.74%||–||–||Option||1,000,000||21,351,387|
|5||USD CMS 2-10 07/12/23 95||0.73%||–||–||Option||750,000||21,253,551|
|6||USD CMS 2-10 12/14/21 53||0.67%||–||–||Option||250,000||19,355,224|
|7||USD CMS 2-10 04/11/23 110||0.65%||–||–||Option||800,000||18,876,782|
|8||USD CMS 2-10 10/12/22 80||0.63%||–||–||Option||400,000||18,319,664|
|9||USD CMS 2-10 01/25/23 83||0.62%||–||–||Option||450,000||18,070,249|
|10||USD CMS 2-10 02/13/24 113||0.42%||–||–||Option||700,000||12,097,520|
Holdings are subject to change.
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