ETFYield Lab Institutional Fact-Checking Board (CFA / FRM) — Institutional Peer-Review & Fact-Checking Board | ETFYield Lab

Verified 2026-10-22Fact-Checked

Institutional ETF Creation-Redemption Arbitrage, SEC Rule 6c-11 Custom Baskets, and Cross-Border UCITS Withholding Tax Yield Architecture (2026)

An empirical quantitative analysis of Authorised Participant (AP) primary-market arbitrage bands, SEC Rule 6c-11 and IRC Section 852(b)(6) in-kind capital gains shielding, fixed-income ETF NAV-to-market basis dynamics, and Irish ICAV 15% vs 30% US dividend withholding tax alpha.

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SEC Rule 6c-11 Custom Creation Baskets, Fixed-Income ETF NAV Arbitrage & After-Tax Yield Drag Model (2026)

Authorized Participant (AP) custom creation and redemption baskets under SEC Rule 6c-11 refer to non-pro-rata fixed-income portfolio transfers that allow ETF issuers to purge low-basis, illiquid, or off-the-run bonds in-kind without realizing distributable capital gains, compressing annualized after-tax yield drag by 42 to 118 basis points compared with open-end mutual funds.

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SGOV vs BIL vs TLT: 30-Day SEC Yield vs Distribution Yield Math & ETF Fee Drag Analysis (2026)

30-Day SEC Yield refers to a standardized net annualized yield metric mandated by the SEC that deducts fund expense ratios from 30-day portfolio income.

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing Form N-1A Item 26 accrual acco

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing basis-point fee differentials,

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing second-order Taylor series con

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing U.S. government obligation per

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing reinvestment risk immunization

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing custom baskets, Rule 6c-11 arb

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing 3-month Reference CPI lag, def

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)

iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing term-premium hurdle rates for

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

TIPS Breakeven Inflation Spreads vs Nominal Treasury Ladders: Real Yield & CPI Accretion Math (2026)

TIPS Breakeven Inflation Rate refers to the yield spread between a nominal U.S. Treasury bond and a maturity-matched TIPS issue, currently 2.30% on the 10-year tenor.

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing Form N-1A Item 26 accrual accou

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing basis-point fee differentials,

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing second-order Taylor series conv

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing U.S. government obligation perc

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing reinvestment risk immunization

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing custom baskets, Rule 6c-11 arbi

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing 3-month Reference CPI lag, defl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (4.20% 30-Day SEC Yield (13.56 bps ER) Benchmark)

SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) Liquidity & Fee Audit (BIL-1-3M-TBILL) stands at 4.20% (30-Day SEC Yield (13.56 bps ER)) (Source: SEC EDGAR / State Street, 2026-10-20), governing term-premium hurdle rates for r

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing Form N-1A Item 26 accrual acco

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing basis-point fee differentials,

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing second-order Taylor series con

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing U.S. government obligation per

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing reinvestment risk immunization

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing custom baskets, Rule 6c-11 arb

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing 3-month Reference CPI lag, def

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (4.26% 30-Day SEC Yield (0.02Y Dur) Benchmark)

WisdomTree (USFR) & iShares (TFLO) Treasury Floating Rate Note ETFs (USFR-TFLO-FRN) stands at 4.26% (30-Day SEC Yield (0.02Y Dur)) (Source: U.S. Treasury FRN Auction, 2026-10-20), governing term-premium hurdle rates for

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing Form N-1A Item 26 accrual accou

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing basis-point fee differentials,

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing second-order Taylor series conv

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing U.S. government obligation perc

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing reinvestment risk immunization

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing custom baskets, Rule 6c-11 arbi

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing 3-month Reference CPI lag, defl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (4.08% 2Y Par Yield Benchmark Benchmark)

iShares Short Treasury (SHV / SHY) 1–3 Year Rung Duration Analysis (SHV-SHY-SHORT) stands at 4.08% (2Y Par Yield Benchmark) (Source: U.S. Department of the Treasury, 2026-10-20), governing term-premium hurdle rates for r

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing Form N-1A Item 26

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing basis-point fee di

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing second-order Taylo

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing U.S. government ob

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing reinvestment risk

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing custom baskets, Ru

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing 3-month Reference

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (7.14 yrs Effective Duration ($71.40 DV01) Benchmark)

iShares 7-10 Year Treasury Bond ETF (IEF) DV01 & Convexity Profile (IEF-7-10Y-UST) stands at 7.14 yrs (Effective Duration ($71.40 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing term-premium hurdl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing Form N-1A Item 26 a

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing basis-point fee dif

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing second-order Taylor

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing U.S. government obl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing reinvestment risk i

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing custom baskets, Rul

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing 3-month Reference C

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (15.82 yrs Effective Duration ($158.20 DV01) Benchmark)

iShares 20+ Year Treasury Bond ETF (TLT) Long-Duration Convexity (TLT-20Y-LONG) stands at 15.82 yrs (Effective Duration ($158.20 DV01)) (Source: SEC Form N-PORT / U.S. Treasury, 2026-10-20), governing term-premium hurdle

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing Form N-1A Item 26 accrual accounting versus back

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing basis-point fee differentials, bid-ask spread sl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing second-order Taylor series convexity adjustments

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing U.S. government obligation percentage thresholds

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing reinvestment risk immunization and curve steepen

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing custom baskets, Rule 6c-11 arbitrage bands, and

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing 3-month Reference CPI lag, deflation floors, and

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (5.92 yrs Aggregate Duration Benchmark)

Core Aggregate Bond ETFs (GOVT, BND, AGG) Curve Weighting (GOVT-AGG-BND) stands at 5.92 yrs (Aggregate Duration) (Source: SEC EDGAR / ICI ETF Stats, 2026-10-20), governing term-premium hurdle rates for rotating out of 0–

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing Form N-1A Item 26 accrual acco

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing basis-point fee differentials,

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing second-order Taylor series con

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): State Income Tax Exemption & After-Tax Yield Equivalence Matrix (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing U.S. government obligation per

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing reinvestment risk immunization

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing custom baskets, Rule 6c-11 arb

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing 3-month Reference CPI lag, def

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP): 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (1.78% Real Yield (2.42Y Duration) Benchmark)

Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) (VTIP-SHORT-TIPS) stands at 1.78% (Real Yield (2.42Y Duration)) (Source: U.S. Treasury Real Yield Curve, 2026-10-20), governing term-premium hurdle rates for

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing Form N-1A Item 26 accrual accounting ver

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing basis-point fee differentials, bid-ask s

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing second-order Taylor series convexity adj

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing U.S. government obligation percentage th

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing reinvestment risk immunization and curve

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing custom baskets, Rule 6c-11 arbitrage ban

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing 3-month Reference CPI lag, deflation flo

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (2.30% 10Y Breakeven Inflation Benchmark)

Full-Curve TIPS ETFs (SCHP 3 bps vs. TIP 18 bps) Breakeven Math (SCHP-TIP-CURVE) stands at 2.30% (10Y Breakeven Inflation) (Source: FRED T10YIE / BLS CPI-U, 2026-10-20), governing term-premium hurdle rates for rotating o

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing Form N-1A Item 26 accrual accounting versus backw

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing basis-point fee differentials, bid-ask spread sli

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing second-order Taylor series convexity adjustments

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing U.S. government obligation percentage thresholds

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing reinvestment risk immunization and curve steepeni

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing custom baskets, Rule 6c-11 arbitrage bands, and s

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing 3-month Reference CPI lag, deflation floors, and

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (+88 bps IG Option-Adjusted Spread Benchmark)

Investment-Grade Corporate Bond ETFs (LQD & VCIT) OAS Spreads (LQD-VCIT-IG) stands at +88 bps (IG Option-Adjusted Spread) (Source: FRED BAMLC0A0CM, 2026-10-20), governing term-premium hurdle rates for rotating out of 0–3

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing Form N-1A Item 26 accrual accounting

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing basis-point fee differentials, bid-a

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing second-order Taylor series convexity

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing U.S. government obligation percentag

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing reinvestment risk immunization and c

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing custom baskets, Rule 6c-11 arbitrage

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing 3-month Reference CPI lag, deflation

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (+295 bps HY Option-Adjusted Spread Benchmark)

High-Yield Corporate Bond ETFs (HYG & JNK) Default-Adjusted Yield (HYG-JNK-HIGHYIELD) stands at +295 bps (HY Option-Adjusted Spread) (Source: FRED BAMLH0A0HYM2, 2026-10-20), governing term-premium hurdle rates for rotati

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing Form N-1A Item 26 accrual accounting ve

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing basis-point fee differentials, bid-ask

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing second-order Taylor series convexity ad

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing U.S. government obligation percentage t

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing reinvestment risk immunization and curv

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing custom baskets, Rule 6c-11 arbitrage ba

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing 3-month Reference CPI lag, deflation fl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (5.68% 37% Bracket Tax-Eq Yield Benchmark)

Tax-Exempt Municipal Bond ETFs (MUB & VTEB) Tax-Equivalent Yield (MUB-VTEB-MUNI) stands at 5.68% (37% Bracket Tax-Eq Yield) (Source: IRS Pub 550 / MSRB EMMA, 2026-10-20), governing term-premium hurdle rates for rotating

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing Form N-1A Item 26 a

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing basis-point fee dif

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing second-order Taylor

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing U.S. government obl

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing reinvestment risk i

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing custom baskets, Rul

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing 3-month Reference C

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (-0.85 Negative Prepayment Convexity Benchmark)

Agency Mortgage-Backed Securities ETFs (MBB & VMBS) Prepayment Convexity (MBB-VMBS-AGENCY) stands at -0.85 (Negative Prepayment Convexity) (Source: Fannie Mae / Freddie Mac OAS, 2026-10-20), governing term-premium hurdle

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing Form N-1A Item 26 ac

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing basis-point fee diff

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing second-order Taylor

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing U.S. government obli

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing reinvestment risk im

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing custom baskets, Rule

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing 3-month Reference CP

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (4.32% Implied Box Spread Rate Benchmark)

Alpha Architect 1-3 Month Box ETF (BOXX) vs. Direct T-Bill Tax Math (BOXX-SYNTHETIC-BOX) stands at 4.32% (Implied Box Spread Rate) (Source: Cboe SPX Box Options / IRS Sec 1256, 2026-10-20), governing term-premium hurdle

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing Form N-1A Item 26 accrua

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: 10-Year Expense Ratio Fee Drag & Compounding Simulation ($100k) (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing basis-point fee differen

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: Modified Duration, DV01 & +/-100 bps Parallel Yield Shock Table (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing second-order Taylor seri

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: State Income Tax Exemption & After-Tax Yield Equivalence Matrix (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing U.S. government obligati

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: Rolling Rung Ladder vs. T-Bill + Long-Bond Barbell Strategy (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing reinvestment risk immuni

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: Authorized Participant (AP) Creation/Redemption & NAV Premium/Discount (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing custom baskets, Rule 6c-

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: CPI-U Index Ratio Accretion & Real Purchasing-Power Attribution (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing 3-month Reference CPI la

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

Verified 2026-10-22Fact-Checked

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders: 2026 FOMC Rate Cycle Rebalancing & Duration Extension Triggers (4.22% Held-to-Maturity Net YTW Benchmark)

iShares iBonds & Invesco BulletShares Target-Maturity Bond Ladders (IBOND-TARGET-MAT) stands at 4.22% (Held-to-Maturity Net YTW) (Source: SEC Form N-1A Target-Date Filings, 2026-10-20), governing term-premium hurdle rate

Lead Author: Claire Devon, CFA, CIPMInspect Verified Dossier →

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