Bogleheads.org

Rocket354, thank you for doing this analysis and sharing your insights. It definitely highlights the financial benefits of OMY or TMY when considering retirement into a potential negative sequence of returns scenario (which we will only know after the fact). Big ERN did an analysis on OMY and came to similar conclusions as your analysis. https://earlyretirementnow.com/2021/01/13/one-more-year-swr-series-part-42/ On a personal level, I did OMY in 2022, after I had it my "number" and am working part-time in 2023 to reduce my withdrawal rate. I was aware of the financial benefits in negative scenarios (which 2022 and beyond may turn out to be) but the psychological benefits of working last year to cushion the impact of market returns...

BondBloxx ETFs would absolutely be a substitute for a rolling bond ladder. I am well into constructing a rolling 12-month Treasury bill ladder and have been following the BondBloxx ETFs (specifically XHLF) as a potential substitute. My only concerns would be liquidity as the BondBloxx have fairly low volume but their bid/ask spreads are fairly narrow.

Here is another good discussion on this topic.

viewtopic.php?t=376740

Others can weigh in but my biggest concern about FISVX (and related value tilts for Fidelity's index funds) is that they follow the Russell indicies which are less than optimal for investing due to turnover and front-running. For comparison, Vanguard offers small cap value ETFs based on S&P and CRSP, both of which outperformed FISVX (based on Russell 2000) by over 100bp since the latter's inception. https://www.portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=2&startYear=1985&firstMonth=1&endYear=2023&lastMonth=12&calendarAligned=true&includeYTD=false&initialAmount=100000&annualOperation=0&annualAdjustment=0&inflationAdjusted=true&annualPercentage=0.0&frequency=4&rebalance...

The only auto transfer I had fail, involved an ACH debit of a CMA that should have overdrafted pull from my brokerage margin, and that was just one too many steps, the ACH was kicked back as NSF. Fidelity couldn't tell me why. I've had the same setup work in the past. I've never had a liquidation of FZDXX or SPRXX fail. +1. I also have a CMA with overdraft pull from brokerage and I once had a quarterly tax payment where Fidelity failed to pull the funds from the brokerage account. Fidelity apologized but failed to provide an explanation of why that happened. Now, I keep FZDXX in both my CMA and brokerage account and always ensure that there is sufficient funds in my CMA (via FZDXX) to cover upcoming bills and payments. Fidelity has never f...

A friend of mine was in a similar situation to yours and interviewed a handful of advisors, including Sensible Money. She ultimately went with Mayport Wealth Advisors and seems satisfied so far. I do not have personal experience with them but they adhere to low-cost index funds and charge a fixed fee for their services (not AUM) so depending on your investible assets may or may not be cost effective.

https://www.mayport.com/

Other more closer to do-it-yourself options are Vanguard Personal Advisor (or similar at Fidelity or Schwab). In any event, you will need an attorney to set up the Trust.

Good luck with your decision and please let us know what you decide and how it turns out.

DSBH wrote: ↑Mon Jan 09, 2023 7:31 am Not Big Law but my former Megacorp allowed deferred compensation for HCE as part of benefits. Might be worth checking with his Big Law.

Many law firms offer cash balance plans (which is effectively a form of deferred compensation) but it is generally only available for partners, not associates.

I was a fan of Fidelity offering the Auto Roll for its T-Bills, but the only way to stop the Auto Roll is to call and talk to a human at Fidelity. That process took me almost 20 minutes today, and they could not explain why it I couldn't just stop it with a click of my mouse. But when they asked why I was turning it off and what my financial plan was, their motive became more clear. Is your claim that this page is false? https://www.fidelity.com/fixed-income-bonds/fixed-income-tools-services/auto-roll-program You have the ability to withdraw from the service at any time with no penalties, giving you complete control. This Auto Roll feature will continue to purchase a replacement position upon the maturity of your existing position unless: ...

anon_investor wrote: ↑Sat Dec 17, 2022 11:06 am I wonder why Vanguard cannot do something similar instead of having to create a new account type.

Vanguard had an Advantage Account that did exactly that (it operated similar to Fidelity's CMA account) until Vanguard discontinued it in 2019. The Cash Plus Account pilot seems to be its (inferior) replacement. I am not sure what Vanguard's strategy is.

I would also look at Fidelity's Federal Tax Exempt Money Market Fund (FZEXX). Its current 1-day yield is 3.38%, which at a 35% federal tax bracket is a 5.2% equivalent yield.

nileshilpa wrote: ↑Sat Dec 17, 2022 9:34 am

anon_investor wrote: ↑Fri Dec 16, 2022 1:01 pm I use SPRXX in my Fido CMA, which serves as my checking account. 3.98% is amazing.

In my CMA account it shows FZSXX as Money Market account. How do you switch to SPRXX?

FZDXX and SPRXX are not available as "Core" accounts but if you invest in either FZDXX/SPRXX, the Core account will automatically pull from FZDXX/SPRXX by liquidating the latter funds. For both my brokerage account and CMA my Core account is usually at $0 with the remaining funds held in FZDXX.

As others have said, prime funds such as FZDXX/SPRXX are slightly riskier than government MM funds and are subject to liquidity gates and redemption fees.

Question for others - Is there a role for OP to fund a Donor Advised Fund with a chunk of money up front to take the tax deduction - then watch that grow and donate money through that? I’ve read on BH about DAF’s and was wondering if in this scenario that would be a benefit. (Either while working or when retired to offset Roth conversions) This is a great suggestion. In the three years prior to "retirement" (which for me means working 20%), we funded approximately 10-15 years of anticipated charitable contributions in a Donor Advised Fund. We used appreciated mutual funds for the contributions so we were able to obtain the charitable deduction at a higher tax bracket than we will have in "retirement" and avoid capital g...

In all seriousness congrats on your success! I'd be more interested in hearing how you did it! Thanks. My story is not that interesting, though. Worked throughout college to get through with no debt. State schools were not expensive at the time. Worked at a number of employers and consulting firms early in career. Worked hard, became an expert in my field, and most recently lead a large technical team critical to my employer’s success. Saved aggressively from the beginning, allowed lifestyle to inflate modestly compared to income, and benefited from equity grants that paid off. Pretty burnt out now. Will walk away from significant equity to leave but might be worth it at this point. Congratulations on your financial and professional succes...

Good to see this coming. At the Bogleheads conference, Joel Dickson mentioned that they would have a replacement for Vanguard Advantage. Since this doesn't have Checks, ATM, and Fidelity's CMA does have those things (and also earns 3.6%+ on SPRXX), right now Fidelity's option is more attractive IMO. I can see how a "savings" account at VG would tempt some people, but my liquid funds have been out of VG for over 2 years, and this isn't going to bring them back. I don't really care if my $1300 checking account is FDIC insured I do not understand why Vanguard would terminate Vanguard Advantage and then bring a similar offering several years later. I used to have most of my money at Vanguard but when Vanguard Advantage was terminated...

I am 54 years old and am looking to transition to a quasi-early retirement in 2023 (will do some part time work but need to dip into savings). Over the last several years I have been recording our net worth each month to ensure we are on track. Beginning this Spring I also started keeping track of a modified funded ratio based using SPIA quotes from Blueprint Income as a proxy. Specifically, each month, I would take our net worth and obtain quotes from Blueprint Income to see what SPIAs from a A++ rated insurer we could purchase with our net worth. Obviously, we would never put 100% of our net worth in a SPIA and we have no current plans to use any SPIA or DIA until at least age 70 (and perhaps not even then). However, I have found this to ...

Are there any (low-cost) treasury funds with a .5-1 year duration? These funds all have short durations (between 0.12 and 2.0 years) and low expense ratios (less than 0.05% or less). iShares 0-3 Month Treasury Bond ETF (SGOV) BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) Schwab Short-Term U.S. Treasury ETF (SCHO) Vanguard Short-Term Treasury Index ETF (VGSH) BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (XTWO) Thanks for the list! I was not aware of the BondBloxx ETFs, which appear to be very new (within the last two months). https://www.prnewswire.com/news-releases/bondbloxx-launches-first-suite-of-target-duration-etfs-to-help-investo...

Kevin and Cruncher, thanks for the information. Very informative in highlighting that short-term TIPS are much more correlated with inflation than longer-term TIPS. This concept was also studied by Vanguard in a paper from a few years ago and they came to the same conclusions you did, although surprisingly, they did not compare the inflation correlation of short-term nominal treasuries, although they studied other asset classes. https://www.vanguard.ca/documents/tips.pdf I had very preliminary attempted to see if there was any ability to take advantage of this by pairing short-term TIPS with longer-term nominal Treasuries for a given duration was not able to find any obvious way to do so. For example, I attempted to replicate the duration o...

justsomeguy2018 wrote: ↑Wed Oct 12, 2022 11:13 am
So the Fidelity rep's info was wrong? Is there something in settings that I need to do to make that happen, or will it happen automatically?

I believe it happens automatically for any money market funds (it has to be money market funds, not other investments) in the CMA. For the overdraft protection with the brokerage account, you would need to set that up under "Account Services -- Cash Manager Tool" from your CMA.

https://www.fidelity.com/cash-managemen ... nt-account

Question - when I spoke to Fidelity rep about this, they told me that the money had to be in the Core account to satisfy any debits, except in certain circumstances like BillPay that had been set up by me. I can't seem to get a good answer and don't want to risk my CC bills not getting paid on their due date! Speaking from experience, my "Core" CMA account is often at $0 as I frequently move any excess to FDZXX. When checks/disbursements come in, Fidelity will pull the funds from FDZXX (or another money market account) to pay the creditors. I also have a backup with my Fidelity brokerage account where it can pull any overdrafts from my money market accounts (or if I really mess up a margin account) but I generally try to keep 1-2...

FZDXX is the core in my fidelity HSA. I think you may mean FDRXX (Fidelity Government Cash Reserves) rather than FZDXX (Fidelity Money Market Fund Premium). I hold FDRXX as my core in my Fidelity HSA also. FDRXX is virtually identical to SPAXX (Fidelity Government Money Market Fund), which is my Core account in my Fidelity brokerage, but FDRXX has a slightly lower ER (0.33% vs. 0.42%) and thus has a correspondingly higher 7-day SEC yield (1.90% vs. 1.85%). I have no idea why Fidelity has two virtually identical funds but one a core for a brokerage account and one for a core for the HSA. I would prefer to have FDRXX has the core for my brokerage account also but that is not available online. I guess if I cared enough I could call Fidelity t...

To the posters talking about the risk of SPRXX. Is there really a “3% risk of a 5% loss of capital”, which is what the OP stated as his risk tolerance? I think there he should definitely be ok to be in SPRXX with that tolerance, do you agree? The other funds have essentially a 0% risk and SPRXX is a token amount higher. I use SPRXX for my EF. Trying to numerically quantify "risk" is very problematic, and doesn't provide any context to what the consequences individually may be. 100% of the money you put in a risky investment is at risk, even if the odds of the risky event are 1 in 1000, if the event happens it impacts all of it. If your money market is frozen and can't be accessed for a period of time, maybe years, and that coinci...

I recall that TIPS are the most appropriate for tax sheltered accounts. What will be a rational to keep them in taxable unless there are no other options available TIPS (and other Treasury securities) are tax free at a state level, which makes them valuable in taxable account if one lives in a high tax bracket. The only drawback on TIPS is the "phantom" income on the inflation adjustments which results in taxable income without corresponding cash to pay taxes. However, that is no different than nominal treasuries in which a portino of the interest payments are reinvested. I have all of my TIPS in a taxable account as I currently live in a moderately high tax state/bracket (7.65%). Thanks, that’s a good point. Will it make a diffe...

mykesc2022 wrote: ↑Sat Oct 08, 2022 1:08 am
Not sure, but that is a different question than the one that was posed...which was "why bother". For me, I watch the company fairly close but as soon as I see an FDIC insured investment that is liquid--and a significantly higher rate, I will move in a heartbeat. That doesnt exist right now.

Fitness Bank offers FDIC insured 3.50% APY on its high yield savings account (3.60% if one has an associated checking account). The only catches are one needs to average 12,500 daily steps over a month.

https://www.fitnessbank.fit/

SteadyOne wrote: ↑Fri Oct 07, 2022 3:54 pm I recall that TIPS are the most appropriate for tax sheltered accounts. What will be a rational to keep them in taxable unless there are no other options available

TIPS (and other Treasury securities) are tax free at a state level, which makes them valuable in taxable account if one lives in a high tax bracket. The only drawback on TIPS is the "phantom" income on the inflation adjustments which results in taxable income without corresponding cash to pay taxes. However, that is no different than nominal treasuries in which a portino of the interest payments are reinvested.

I have all of my TIPS in a taxable account as I currently live in a moderately high tax state/bracket (7.65%).

I like to keep track of my net worth, recalculating periodically like quarterly. MYGAs present a bit of a dilemma for that calculation. Unlike stocks, bonds, options, real estate, etc. there is not a simple way to know a MYGAs "mark-to-market" value today. Pricing of stocks and bonds are updated daily as are options, and even real estate (using zillow or equivalent). With MYGAs, the company only tells you the current value with interest (at least mine does), even though if you tried to redeem it before maturation, you would receive dramatically less because of surrender value and market value adjustment. I completely understood that when I purchased my MYGA, but I still wish the companies would honestly tell you, "this is th...

Canvas is now offering 5.25% 3-year MYGA and 5.15% 5 and 7-year MYGA. I anticipate other MYGA providers will also increase rates but I still like the current yields on Treasuries and defined maturity bond ETFs better than MYGA rates due to better liquidity (albeit without the tax deferral of MYGAs in taxable accounts).

https://canvasannuity.com/

I think we're talking past each other a bit here. I agree with you that the total returns will be fair for the asset class, so if investors are using target maturity ETFs as a general way to achieve a total return with a specific maturity, they're fairly priced and constructed. Yet often investors are interested in target maturity bonds specifically to construct ladders where for each year, bonds maturing that year plus distributions from all future maturity years are used to fund a specific portion of living expenses. If the composition of cashflows between distributions and maturity is volatile, this will not work. So, they shouldn't use these products, or they need some type of additional buffer. I think we are aligned. Defined maturity...

The new yield to maturity from market value of $23.56 is still 3.5%, the same it was before the new bond was added. Yes, a new investor buying in now can see the new cash flows. But the old investor's expected cash flows have materially shifted with respect to the composition between distributions and the amount to be received at maturity: the maturity amount is much higher, but the distributions will be materially lower (almost 20% lower). I want to be clear, nobody is being robbed--the yield to maturity (3.5%) is still fair. But it's the composition of the cash flows that I'm saying is volatile and which makes these products undesirable for many use cases like bond ladders or as CD substitutes with psychological confidence in the maturit...

Okay, I'm going to put together a numerical example to illustrate what I'm talking about since something isn't clicking. For simplicity, I will be using time value of money formulas in Excel rather than precise bond formulas. The example is going focus on a target maturity ETF issued in 2017 and maturing in 2027. At inception, it contained a single 30-year bond originally issued in 1997. When the bond was issued by MegaCorp A, the bond had an 7.5% coupon, but by 2017 the market rate had dropped to 3% ( FRED data here ; check April 1997 and April 2017), so the bond was trading at a premium around $38.39. That's =PV(0.03,10,-7.5,-100)-100. Thus, if the initial ETF share is $25, the investor would expect to receive distributions of 5.42% or $...

Normally "principal" is more akin to "market value" than to "par value" or "maturity value", so I'd say that your principal WOULD change if yields change. But if you continue to hold the bonds (or the target maturity ETF) until redemption, you'll get exactly the cash flows you signed up for. But you won't get exactly the cash flows you signed up for--the composition of cash flows between distributions and maturity will fluctuate based on the underlying bond index. An investor in defined maturity ETFs through Invesco or iShares (or future offerings) at a particular point in time can determine the bonds in the ETF, the interest payments from those bonds and the par value of those bonds at maturity. The...

HueyLD wrote: ↑Wed Sep 21, 2022 4:03 pm

Zosima wrote: ↑Wed Sep 21, 2022 3:48 pm

PatrickA5 wrote: ↑Wed Sep 21, 2022 2:40 pm I purchased a couple of MYGAs from Fidelity (Mass Mutual) a couple of years ago and have been happy. Does anyone know if Fidelity offers SPIA's (like Immediate Annuities or Stan)? I know I can convert my MYGA at Mass Mutual if I want to a SPIA, but just wondering if I could go through Fidelity and see more options. I don't see the option on their website and the first line Fidelity "chat" guy didn't know.

It looks like Fidelity offers SPIAs but you need to work through an agent and are not able to obtain online quotes.

https://www.fidelity.com/annuities/imme ... es/compare

On the linked page, you can obtain online quotes by clicking on “Guaranteed Income Estimator.”

Thanks! I missed that.

EDIT to fix comment about not obtaining online quotes.

PatrickA5 wrote: ↑Wed Sep 21, 2022 2:40 pm I purchased a couple of MYGAs from Fidelity (Mass Mutual) a couple of years ago and have been happy. Does anyone know if Fidelity offers SPIA's (like Immediate Annuities or Stan)? I know I can convert my MYGA at Mass Mutual if I want to a SPIA, but just wondering if I could go through Fidelity and see more options. I don't see the option on their website and the first line Fidelity "chat" guy didn't know.

It looks like Fidelity offers SPIAs.

https://www.fidelity.com/annuities/imme ... es/compare

6. Already converted all my bonds to the 20-year TIPS as soon as it yielded 1.0% real…just some weeks ago. Positive real returns, government guaranteed, are … positive real returns. I actually did just this, but not for all my bonds, just enough to cover most inflation-affected expenses. If the TIPS real rates keep rising I'll consider locking in the rest. I have to say, it makes no sense to me why TIPS real rates are so high. You'd think people would pay a premium to be insured against inflation? The market based explanation would be that deflation is expected. Not really, perhaps a few months of expected decline in the non-seasonally adjusted CPI to explain the high yields on very short term TIPS like Jan and April 2023, but the 10 year ...

I have been building a fixed income bridge between my semi-retirement and beginning to collect SS at Age 70. Two years ago, MYGAs were far better than other alternatives such as nominal Treasuries, TIPS, CDs and defined maturity bond ETFs. Today, MYGAs are simply not competitive given their illiquidity, higher administrative costs (e.g. cannot immediately buy online through a broker) and nominal credit risk. Recently, my fixed income purchases have been a combination of defined maturity bond ETFs (4.9% adjusted YTM at 6-7 years, with likely a 20-30bp future haircut for credit downgrades) and TIPS at 1%. I am hopeful that MYGA rates will increase in the near future but 5 and 7 year rates need to be above 5% for me to consider them in the cur...

FZDXX is the core in my fidelity HSA. I think you may mean FDRXX (Fidelity Government Cash Reserves) rather than FZDXX (Fidelity Money Market Fund Premium). I hold FDRXX as my core in my Fidelity HSA also. FDRXX is virtually identical to SPAXX (Fidelity Government Money Market Fund), which is my Core account in my Fidelity brokerage, but FDRXX has a slightly lower ER (0.33% vs. 0.42%) and thus has a correspondingly higher 7-day SEC yield (1.90% vs. 1.85%). I have no idea why Fidelity has two virtually identical funds but one a core for a brokerage account and one for a core for the HSA. I would prefer to have FDRXX has the core for my brokerage account also but that is not available online. I guess if I cared enough I could call Fidelity t...

Not really question about cma but more of a question about sprxx. With all the commercial paper in that fund is it something to worry about when you compare vs their government funds like spaxx or fzfxx I own FZDXX and am comfortable with it. I do monitor its holdings and liquidity fairly frequently. As of August 31, it held approximately 40% in US Treasury and government agency repurchase obligations and had daily liquidty of approximately 58% which gives me comfort. I also place a lot of stock in Fidelity's reputation and an assumption that if there is a liquidity crisis Fidelity will step in to avoid breaking the buck to avoid a reputational disaster. I can also see why others would prefer to avoid prime money market funds and stick wit...

Great thread! Thanks everyone for their contributions. I have a fairly basic question on Fidelity's "Expected Yield" for upcoming auctions. I am specifically looking at the 13-week auction on Monday, September 12. This appears to be a reopening of a 26-week bill issued on June 16 (Cusip 912796X79). Fidelity lists the expected yield at 2.944% on the Treasury auction page. However, when I look at secondary Treasuries, this bill has an Ask Yield to Maturity of 3.034% for 100 bonds (but there is no "depth of book" option for smaller amounts like other bills). There is a very similar T-bill that matures on December 13 that has an Ask Yield to Maturity of 3.04%. I am assuming that if I invest in the Treasury auction the actual...

Stinky wrote: ↑Mon Aug 15, 2022 7:37 am With insurer default, there is likely less than 100% loss of funds, while with your death, there is 100% mortality.

LOL!

According to AM Best, a B++ financial strength rating results in a 1.45% default rate over a 3-year period and a 4.29% default rate over a 10-year period (no 5 or 7 year period were available but an extrapolation could be a rough approximation) (see link below, free registration may be required). https://ratings.ambest.com/DisclosurePDF.aspx?PCA=0&AMBNum=7358 How this data affects the decision to invest in a B++ MYGA will vary by indvidual but I am personally comfortable investing in a 5-year MYGA with a B++ company (within the limits of the state guaranty association). Part of my analysis is that my personal mortality rate (mid 50s) over that five year period is higher than the chances of default (which I recognize is not necessarily a...

bog007 wrote: ↑Sun Jul 31, 2022 12:11 pm canvas still at 4.6

https://canvasannuity.com/

Aspida, a relatively newer entrant to the MYGA space with an A- rating, offers 5-year MYGAs at 4.65% (albeit with no withdrawal option) and 4.55% with a drawal option. They also offer 7-year rates up to 4.8%.

am wrote: ↑Sun Jul 17, 2022 7:21 am JPMorgan Ultra-Short Municipal Income ETF Sec yield 1.43%. Duration < 1 yr and ER .18. How about this for a substitute for higher income bracket investors?

This is a good option. It is a high quality fund with minimal volatility. It has performed well, especially during the market stress of March 2020 that affected many other ETFs. It can certainly lose value when interst rates rise (maximum drawdown of approximately 1% in the first four months of 2022) but it has lost less than many other ultra-short bond funds, including VUSB. I have held this fund for over two years and have been pleased.

tj wrote: ↑Wed Jun 29, 2022 7:22 pm

bog007 wrote: ↑Wed Jun 29, 2022 7:06 pm A- rated guggenheim has 4.10 for 3 year

https://www.blueprintincome.com/fixed-annuities

So gain bridge should be increasing?

As of July 1, Gainbridge is offering a 3-year MYGA at 4.40%.

Following this thread for curiosity sake. I am using iShares defined maturity ETFs as a portion of my ladder based on prior performance compared to expectations (link below for case study) and I am curious to see how the this real-time study goes.

https://www.ishares.com/us/literature/i ... -en-us.pdf

Canvas Annuity is currently offering 4.30% interest on its 3, 5 and 7 year MYGAs.

Gainbridge increased their MYGA rates also, starting at 3.80% for a 3-year MYGA and increasing up to 4.35% for a 10-year MYGA (5 year is 4.00% and 7 year is 4.20%)

The prices came down quite a bit. So, I just bought some for a 2024, 2025, and 2026 ladder using the corporate investment grade defined maturity ETFs. Why? Because buying at these lower prices means my Yield to Maturity (YTM) is looking so very much better than when I looked at this a year ago. My bond ladder uses TIPs, Ibonds, EEs, and now these. First time in. Same here. Rates are much more attractive than six months ago and competitive compared to similar alternatives. I have been buying 2025, 2026 and 2031 maturities to round out my fixed income ladders which primarily consisted of MYGAs and Treasuries. According to the iShares Estimated Net Acquisition Yield calculator, the yields on maturities of 2029, 2030 and 2031 are greater than ...

New York Life is raising their rates (for >$100k) to 3.05 % on April 18. It's a nice rate for a 3-year term and an A++ rated company. Probably considered the Gold Standard in insurance companies. If anything, that development is even more interesting. NYL built its reputation on selling whole life, a product that most Bogleheads believe has very low consumer value. But NYL will soon be offering the highest rate on a three year MYGA of any company on the Blueprint Income site. That seems out of character for a old-line mutual life insurer. Stan the Annuity Man says that the stronger carriers are using the inverted yield curve (at least it was inverted at the time of the article on April 6, not as of today) to gain market share: "What's...

I've been looking at them with interest but haven't pulled the trigger yet. Since they are open-ended ETFs the "par" you'll end up at maturity is a moving target as the individual portfolios change, I haven't gotten comfortable with that yet. As far as I know, all the Bulletshares ETFs are priced such that the final NAV will be within a dollar of $100. Likewise, I think all the iShares iBond ETFs are priced so that the final NAV will be $25. For any particular ETF you can project the final NAV if you know the time to maturity, coupon yield, YTM, and current price. iShares has a very helpful tool that allows an investor to model bond ladders, including a projected "Net Acquisition Yield" based on the above factors. https...

Invesco and iShares both offer target date bond funds. You can find more discussions via search such as the discussions below. I have used the corporate funds in the past, and am looking at them very closely now with bond yields at or exceeding MYGA rates to build out a fixed income ladder until I start collecting social security (which is still a ways off for me.)

viewtopic.php?t=327989

viewtopic.php?t=316073

viewtopic.php?t=265338

Attached is an article from Michael Kitces and Adam Van Deusen on the background and potential benefits of Direct Indexing. The article is geared towards advisors but provides background and case studies.

https://www.kitces.com/blog/direct-inde ... platforms/