iShares iBonds Dec 2032 Term Corporate ETF

iShares iBonds Dec 2032 Term Corporate ETF (IBDX) holds US dollar, investment-grade corporate bonds that mature in 2032. It tracks a Bloomberg index and is set to close around December 15, 2032, when it pays out its remaining assets. That end date makes it act a bit like a single bond spread across 422 holdings (as of July 31, 2026), and it pays income monthly. Its 0.10% annual fee is higher than SPIB's 0.04%.

• Over the year to Oct 27, 2026, IBDX returned -1.2%, 7th of 8 among similar funds.
• Its worst full calendar year was 2024 (+2.3%); its best was 2023 (+9.4%).
• The deepest fall in its price history was 12.5% (Aug 1, 2022 to Oct 20, 2022), recovered by Dec 13, 2023.

As of Jul 31, 2026, the fund held 422 securities; the ten largest made up 8.68% of assets, and 10.46% sat in cash and money-market holdings.

The bonds mature in 5.8 years on average (weighted by size), with an average coupon of 4.33%.

• Over the three months to Jul 31, 2026, investors added a net $101.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.30%, +0.09%, -0.82%.

The fund tracks the Bloomberg December 2032 Maturity Corporate Index. Bloomberg starts with its broader Bloomberg U.S. Corporate Index. It keeps only fixed-rate US dollar bonds scheduled to mature between January 1 and December 15, 2032. The bonds must also be investment grade, meaning rated Baa3 or BBB- or higher by the major rating agencies, and each issue needs at least $300 million outstanding. Bonds are weighted by market value, and any one issuer is usually capped at 3%. BlackRock uses "representative sampling." That means it buys a sample of the index's bonds that together look like the whole index, rather than every bond.

The index is updated at the end of each month until June 30, 2032. After that it stops rebalancing, except to drop bonds that fall below investment grade. As bonds mature, the money is held in cash. On or about December 15, 2032, the fund liquidates and hands its remaining net assets to shareholders.

Unlike a single bond, the fund does not promise a set amount at maturity, and its monthly payouts vary. In its final months, its yield may drift toward money market rates. It holds no inflation-protected bonds and is not designed to guard against inflation.

• IBDX charges 0.1% a year, versus an average of 0.11% for the similar funds below (7th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $10 in the first year and $— over 10 years (assuming a 5% annual return).

It pays monthly income from investment-grade corporate bonds and is set to return its assets around a known date, December 2032.

IBDX could provide income in a portfolio, and it may fit someone with a planned expense around late 2032. Its trailing 12-month yield was 4.89% as of October 27, 2026, paid monthly. It costs 0.10% a year, or $10 in the first year under the SEC's standard $10,000 example. Because the fund launched in June 2022, it has no record through the 2008 or 2020 crashes and missed most of the 2022 bear market. Its deepest drop was 12.5%, from August to October 2022, and it took about 14 months to recover, by December 2023. Each full calendar year has been positive, with 2024 the weakest at 2.57%. Rising rates or credit trouble could still mean a loss for anyone selling early. Holding until the fund closes reduces the effect of rate swings, but not of defaults. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).