iShares International Treasury Bond ETF earns a Morningstar Medalist Rating of Neutral with strength in areas such as People offset by weaker spots such as Process. The portfolio maintains a cost advantage over competitors, priced within the least expensive fee quintile among peers.  

 The strategy receives a Below Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant underweight position in corporate bonds and an overweight in A rated bonds compared with category peers. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

iShares International Treasury Bond ETF earns a Below Average Process Pillar rating. Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. The process is strengthened by the firm's five-year retention rate of 92% over the period. However, the rating is limited by the fund's weak long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category index, which suggests that the process has struggled over that period. 

The investment strategy as stated in the fund's prospectus is: 

The investment seeks to track the investment results of the FTSE World Government Bond Index - Developed Markets Capped Select Index.  The fund will invest at least 80% of its assets in the component securities of the underlying index and will invest at least 90% of its assets in fixed income securities of the types included in the underlying index. The underlying index measures the performance of fixed-rate, local currency, investment-grade, and sovereign bonds from certain developed markets. The fund is non-diversified.  

 The fund has a 2.1% current yield, an estimate of the fund's annual income per share yield, lower than the average peer's 4.1%. In addition, it has a 2.6% 30-day SEC yield (a measure similar to yield-to-maturity). Low yields tend to indicate low credit risk. The portfolio holds assets with a higher average surveyed credit quality of AA, compared with the category average of BBB, and it holds no non-investment-grade assets, despite the average peers' 12%. Strategies with less credit risk may help to provide a reliable ballast during periods of market stress. In terms of interest-rate risk, compared with others in the Global Bond category, this fund maintains a significantly elevated average effective duration of 8.0 years compared to the category's 6.0 years. The longer a strategy's duration, the more sensitive it is to shifts in interest rates. This fund, with an 8.0-year duration, is expected to gain 8.0% of its net asset value if interest rates drop by 1 percentage point, and vice versa.

Below Average

Process

iShares International Treasury Bond ETF benefits considerably from its fixed income team, earning it an Above Average People Pillar rating. There are two managers listed on the fund: James Mauro, John Hutson. Experience on the team is abundant, with 13 years of average portfolio management experience. Together, they manage a total of three strategies, with solid long-term prospects. The strategies average a Silver asset-weighted Morningstar Medalist Rating, indicating a position to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

BlackRock offers compelling options across asset classes and vehicles. It earns an Above Average rating for Parent. 
The firm’s approximately USD 8 trillion in assets under management, as of Sept. 30, 2022, gives it unparalleled scale and influence. It is a market-leading index fund provider globally, and its iShares exchange-traded fund franchise offers a low-cost lineup of core funds that investors can use to build a well-diversified portfolio for dirt cheap. The firm can be more adventurous in its ETF launches than some peers, so not everything it launches is appropriate for the masses. As a result, it is likely to have more ETF closures than peers that stick to the basic building blocks.  
The firm’s active fixed-income and multi-asset efforts also stand out as some of the best in the industry. Those benefit from BlackRock’s commitment to building a first-class risk management system via its Aladdin analytics software. The software is also available for sale to other firms and has proved to be a popular option for competitors, a testament to its usefulness. 
More recently, the firm has shifted its focus to ESG offerings and incorporating ESG across its investment lineup, leading to a political backlash in the United States.
BlackRock isn’t the best at everything it tries to do, but retail investors, financial advisors, and large institutions could all build robust portfolios using BlackRock’s products.

Parent

iShares International Treasury Bond ETF

IGOV tracks a market-value-weighted index of developed market, non-US government issued debts with minimum maturities of one year.

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