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iShares iBonds Dec 2025 Term Muni Bond ETF
ETF
IBMN
Payout Change
Pending
Price as of:
$26.58
+0.02
+0.08%
primary theme
Target Date
IBMN (ETF)
iShares iBonds Dec 2025 Term Muni Bond ETF
Payout Change
Pending
Price as of:
$26.58
+0.02
+0.08%
primary theme
Target Date
IBMN (ETF)
iShares iBonds Dec 2025 Term Muni Bond ETF
Payout Change
Pending
Price as of:
$26.58
+0.02
+0.08%
primary theme
Target Date
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.2%
1 yr return
2.4%
3 Yr Avg Return
0.0%
5 Yr Avg Return
0.9%
Net Assets
$488 M
Holdings in Top 10
5.1%
52 WEEK LOW AND HIGH
$26.6
$26.35
$26.67
Expenses
OPERATING FEES
Expense Ratio 0.18%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 0.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
IBMN - Profile
Distributions
- YTD Total Return 2.2%
- 3 Yr Annualized Total Return 0.0%
- 5 Yr Annualized Total Return 0.9%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.73%
- Dividend Yield 1.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameiShares iBonds Dec 2025 Term Muni Bond ETF
-
Fund Family NameBlackRock-advised Funds
-
Inception DateNov 13, 2018
-
Shares Outstanding9100000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Mauro
Fund Description
The Fund seeks to track the investment results of the S&P AMT-Free Municipal Series Dec 2025 IndexTM (the “Underlying Index”), which measures the performance of non-callable, investment-grade (as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”)), tax-exempt U.S. municipal bonds maturing in 2025. As of October 31, 2023, there were 11,078 issues in the Underlying Index.
The Underlying Index includes municipal bonds primarily from issuers that are U.S. state, federal district (the District of Columbia), or local government or agency such that the interest on the bonds is exempt from U.S. federal income taxes and the federal alternative minimum tax (“AMT”). Each bond must have a rating of at least BBB- by S&P Global Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB- by Fitch Ratings, Inc. and must have a minimum maturity par amount of $2 million to be eligible for inclusion in the Underlying Index. To remain in the Underlying Index, bonds must maintain a minimum par amount greater than or equal to $2
million as of each rebalancing date. All bonds in the Underlying Index will mature after December 31, 2024 and before December 2, 2025. Bonds in the Underlying Index that mature or are pre-refunded in their respective year of maturity do not accrue interest past the maturity or pre-refund date.
The Fund is a series of the iShares iBonds® fixed maturity series of bond exchange-traded funds (“ETFs”) sponsored by BlackRock, Inc. “BlackRock”). The iBonds® fixed maturity series do not invest in U.S. savings bonds or other U.S. government bonds (except to the extent the funds hold cash equivalent instruments consistent with their investment objectives) and are not designed to provide protection against inflation.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable
underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration (i.e., a security's price sensitivity to a change in interest rates), maturity or credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index, in each case except during the last months of the Fund's operations, as described below. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are exempt from U.S. federal income tax, the federal AMT and the federal Medicare contribution tax of 3.8% on “net investment income,” including dividends, interest and capital gains. In the last months of operation, as the
bonds held by the Fund mature, the proceeds will not be reinvested in bonds but instead will be held in cash and cash equivalents, including, without limitation, shares of money market funds advised by BFA or its affiliates, AMT-free tax-exempt municipal notes, variable rate demand notes and obligations, tender option bonds and municipal commercial paper. These cash equivalents may not be included in the Underlying Index. By December 2, 2025, the Underlying Index is expected to consist entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.
IBMN - Performance
Return Ranking - Trailing
| Period | IBMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.2% | 0.0% | 12.2% | 93.96% |
| 1 Yr | 2.4% | -0.6% | 10.3% | 93.96% |
| 3 Yr | 0.0%* | -3.6% | 5.1% | 82.87% |
| 5 Yr | 0.9%* | 0.5% | 5.4% | 94.94% |
| 10 Yr | N/A* | 1.6% | 5.4% | 21.55% |
* Annualized
Return Ranking - Calendar
| Period | IBMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.7% | -9.8% | 12.8% | 97.25% |
| 2022 | -5.3% | -38.3% | -3.8% | 1.10% |
| 2021 | -1.1% | -9.1% | 10.3% | 56.67% |
| 2020 | 3.7% | -13.4% | 12.6% | 86.79% |
| 2019 | 5.1% | -1.1% | 13.9% | 91.73% |
Total Return Ranking - Trailing
| Period | IBMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.2% | 0.0% | 12.2% | 93.96% |
| 1 Yr | 2.4% | -0.6% | 10.3% | 93.96% |
| 3 Yr | 0.0%* | -3.6% | 5.1% | 82.87% |
| 5 Yr | 0.9%* | 0.5% | 5.4% | 94.94% |
| 10 Yr | N/A* | 1.6% | 5.4% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | IBMN Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.4% | -9.8% | 15.4% | 99.45% |
| 2022 | -4.4% | -16.9% | -2.9% | 3.85% |
| 2021 | -0.4% | -3.8% | 10.3% | 87.78% |
| 2020 | 4.8% | -13.4% | 16.6% | 93.08% |
| 2019 | 6.9% | 6.9% | 25.2% | 100.00% |
IBMN - Holdings
Concentration Analysis
| IBMN | Category Low | Category High | IBMN % Rank | |
|---|---|---|---|---|
| Net Assets | 488 M | 3.58 M | 35.6 B | 39.89% |
| Number of Holdings | 1380 | 2 | 1478 | 1.09% |
| Net Assets in Top 10 | 26 M | 3.08 M | 36.5 B | 78.69% |
| Weighting of Top 10 | 5.12% | 4.6% | 124.2% | 98.29% |
Top 10 Holdings
- State of Illinois, Series 2016 0.72%
- Clackamas Washington Counties School District No. 3, Series 2015 0.60%
- New York State Dormitory Authority, Series 2020A 0.50%
- State of New Jersey, Series 2020A 0.50%
- Massachusetts School Building Authority, Series 2016A 0.50%
- Virginia College Building Authority, Series 2015A 0.48%
- City of Atlanta, Series 2015 0.46%
- County of New Castle, Series 2015 0.46%
- State of Illinois, Series 2017D 0.45%
- State of Wisconsin, Series 2016-2 0.44%
Asset Allocation
| Weighting | Return Low | Return High | IBMN % Rank | |
|---|---|---|---|---|
| Bonds | 98.65% | 0.00% | 109.30% | 7.10% |
| Cash | 1.35% | -24.70% | 53.61% | 49.18% |
| Stocks | 0.00% | 0.00% | 100.21% | 72.68% |
| Preferred Stocks | 0.00% | 0.00% | 11.70% | 15.30% |
| Other | 0.00% | -0.01% | 5.62% | 22.40% |
| Convertible Bonds | 0.00% | 0.00% | 5.65% | 85.79% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | IBMN % Rank | |
|---|---|---|---|---|
| Municipal | 96.45% | 0.00% | 99.98% | 6.56% |
| Cash & Equivalents | 0.05% | 0.00% | 80.50% | 68.31% |
| Derivative | 0.00% | -0.01% | 0.65% | 20.22% |
| Securitized | 0.00% | 0.00% | 81.91% | 82.51% |
| Corporate | 0.00% | 0.00% | 99.84% | 90.71% |
| Government | 0.00% | 0.00% | 99.79% | 85.79% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | IBMN % Rank | |
|---|---|---|---|---|
| US | 98.65% | 0.00% | 109.30% | 7.10% |
| Non US | 0.00% | 0.00% | 4.29% | 18.58% |
IBMN - Expenses
Operational Fees
| IBMN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.18% | 0.05% | 13.27% | 75.82% |
| Management Fee | 0.18% | 0.00% | 0.78% | 53.22% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.29% | N/A |
Sales Fees
| IBMN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.75% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| IBMN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| IBMN Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 0.00% | 0.00% | 121.26% | 5.23% |
IBMN - Distributions
Dividend Yield Analysis
| IBMN | Category Low | Category High | IBMN % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.90% | 0.00% | 9.37% | 87.98% |
Dividend Distribution Analysis
| IBMN | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| IBMN | Category Low | Category High | IBMN % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.73% | -0.06% | 5.71% | 93.57% |
Capital Gain Distribution Analysis
| IBMN | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Semi-Annually | Semi-Annually | Semi-Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2024 | $0.042 | OrdinaryDividend |
| Dec 02, 2024 | $0.048 | OrdinaryDividend |
| Nov 01, 2024 | $0.045 | OrdinaryDividend |
| Oct 01, 2024 | $0.047 | OrdinaryDividend |
| Sep 03, 2024 | $0.046 | OrdinaryDividend |
| Aug 01, 2024 | $0.044 | OrdinaryDividend |
| Jul 01, 2024 | $0.045 | OrdinaryDividend |
| Jun 03, 2024 | $0.048 | OrdinaryDividend |
| May 01, 2024 | $0.044 | OrdinaryDividend |
| Apr 01, 2024 | $0.044 | OrdinaryDividend |
| Mar 01, 2024 | $0.047 | OrdinaryDividend |
| Feb 01, 2024 | $0.041 | OrdinaryDividend |
| Dec 14, 2023 | $0.043 | OrdinaryDividend |
| Dec 01, 2023 | $0.042 | OrdinaryDividend |
| Nov 01, 2023 | $0.039 | OrdinaryDividend |
| Oct 02, 2023 | $0.041 | OrdinaryDividend |
| Sep 01, 2023 | $0.039 | OrdinaryDividend |
| Aug 01, 2023 | $0.038 | OrdinaryDividend |
| Jul 03, 2023 | $0.035 | OrdinaryDividend |
| Jun 01, 2023 | $0.035 | OrdinaryDividend |
| May 01, 2023 | $0.036 | OrdinaryDividend |
| Apr 03, 2023 | $0.034 | OrdinaryDividend |
| Mar 01, 2023 | $0.039 | OrdinaryDividend |
| Feb 01, 2023 | $0.034 | OrdinaryDividend |
| Dec 15, 2022 | $0.028 | OrdinaryDividend |
| Dec 01, 2022 | $0.029 | OrdinaryDividend |
| Nov 01, 2022 | $0.026 | OrdinaryDividend |
| Oct 03, 2022 | $0.028 | OrdinaryDividend |
| Sep 01, 2022 | $0.024 | OrdinaryDividend |
| Aug 01, 2022 | $0.022 | OrdinaryDividend |
| Jul 01, 2022 | $0.024 | OrdinaryDividend |
| Jun 01, 2022 | $0.016 | OrdinaryDividend |
| May 02, 2022 | $0.018 | OrdinaryDividend |
| Apr 01, 2022 | $0.013 | OrdinaryDividend |
| Mar 01, 2022 | $0.014 | OrdinaryDividend |
| Feb 01, 2022 | $0.013 | OrdinaryDividend |
| Dec 16, 2021 | $0.016 | OrdinaryDividend |
| Dec 01, 2021 | $0.014 | OrdinaryDividend |
| Nov 01, 2021 | $0.014 | OrdinaryDividend |
| Oct 01, 2021 | $0.016 | OrdinaryDividend |
| Sep 01, 2021 | $0.014 | OrdinaryDividend |
| Aug 02, 2021 | $0.016 | OrdinaryDividend |
| Jul 01, 2021 | $0.017 | OrdinaryDividend |
| Jun 01, 2021 | $0.015 | OrdinaryDividend |
| May 03, 2021 | $0.018 | OrdinaryDividend |
| Apr 01, 2021 | $0.018 | OrdinaryDividend |
| Mar 01, 2021 | $0.020 | OrdinaryDividend |
| Feb 01, 2021 | $0.018 | OrdinaryDividend |
| Dec 17, 2020 | $0.016 | OrdinaryDividend |
| Dec 01, 2020 | $0.019 | OrdinaryDividend |
| Nov 02, 2020 | $0.020 | OrdinaryDividend |
| Oct 01, 2020 | $0.021 | OrdinaryDividend |
| Sep 01, 2020 | $0.024 | OrdinaryDividend |
| Aug 03, 2020 | $0.027 | OrdinaryDividend |
| Jul 01, 2020 | $0.030 | OrdinaryDividend |
| Jun 01, 2020 | $0.029 | OrdinaryDividend |
| May 01, 2020 | $0.030 | OrdinaryDividend |
| Apr 01, 2020 | $0.032 | OrdinaryDividend |
| Mar 02, 2020 | $0.032 | OrdinaryDividend |
| Feb 03, 2020 | $0.031 | OrdinaryDividend |
| Dec 19, 2019 | $0.028 | OrdinaryDividend |
| Dec 02, 2019 | $0.031 | OrdinaryDividend |
| Nov 01, 2019 | $0.034 | OrdinaryDividend |
| Oct 01, 2019 | $0.032 | OrdinaryDividend |
| Sep 03, 2019 | $0.031 | OrdinaryDividend |
| Aug 01, 2019 | $0.036 | OrdinaryDividend |
| Jul 01, 2019 | $0.039 | OrdinaryDividend |
| Jun 03, 2019 | $0.040 | OrdinaryDividend |
| May 01, 2019 | $0.041 | OrdinaryDividend |
| Apr 01, 2019 | $0.042 | OrdinaryDividend |
| Mar 01, 2019 | $0.046 | OrdinaryDividend |
| Feb 01, 2019 | $0.046 | OrdinaryDividend |
| Dec 18, 2018 | $0.058 | OrdinaryDividend |
IBMN - Fund Manager Analysis
Managers
James Mauro
Start Date
Tenure
Tenure Rank
Nov 13, 2018
3.55
3.6%
Head of San Francisco Fixed Income Core PM at BlackRock, Inc. since 2020; Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2010 to 2014; Vice President of State Street Global Advisors from 2001 to 2010. James Mauro has been employed by BlackRock Fund Advisors and BlackRock Institutional Trust Company, N.A. (“BTC”) as a portfolio manager since 2011. Prior to joining BTC, Mr. Mauro was a Vice President at State Street Global Advisors. His primary responsibilities include management of all government, inflation linked and derivative strategies. Other responsibilities include hedging and managing risk across all asset classes through futures and option overlays. James joined State Street Corporation in 1993. Previously, he worked as a portfolio manager on the passive team where he co-managed several Bond Index portfolios.
Karen Uyehara
Start Date
Tenure
Tenure Rank
Mar 01, 2021
1.25
1.3%
Ms. Uyehara is a Director of BlackRock, which she joined in 2010. Ms. Uyehara is a portfolio manager and member of BlackRock’s Model-Based Fixed Income Portfolio Management Group. Prior to joining BlackRock, Ms. Uyehara was a portfolio manager at Western Asset Management Company from2002 to 2010.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 17.59 | 6.41 | 3.75 |
