At a glance
IBHH charges 0.35% a year, below the 0.5% average of the 7 funds most like it (the 3rd cheapest of 8). It has $457.2M in assets, the 8th largest of that group; it paid 6.2% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.6% with distributions reinvested, 3rd of those 8 funds; over three years it returned +8.9% a year. Its ten largest positions make up 14.0% of the fund, out of 217 in all.
The short version
iShares iBonds 2028 Term High Yield and Income ETF (IBHH), from BlackRock, tracks the Bloomberg 2028 Term High Yield and Income Index. That index holds U.S. dollar corporate bonds, mostly high yield ("junk"), that mature in 2028. Unlike most bond funds, it has an end date: it plans to close on or about December 15, 2028, and pay out what is left. Its 0.35% yearly fee is below the 0.50% average of similar funds.
Price history
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IBHH +3.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IBHH official prospectus, to Dec 31, 2025 | — | +8.04% | — | — | — | +5.31% |
| Bloomberg US Universal Index index, same period | — | +7.58% | — | — | — | +1.60% |
| IBHH price data to Oct 27, 2026 | +2.7% | +3.6% | +8.9% | — | — | +5.2% |
- Over the year to Oct 27, 2026, IBHH returned +3.6%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2024 (+7.5%); its best was 2023 (+12.9%).
- The deepest fall in its price history was 12% (Mar 31, 2022 to Sep 27, 2022), recovered by Nov 22, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.7% | — |
| 2025 | +8.0% | +8.04% |
| 2024 | +7.5% | +7.56% |
| 2023 | +12.9% | +13.03% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0900 | |
| 2025 | $1.5100 | -6.8% |
| 2024 | $1.6200 | +4.5% |
| 2023 | $1.5500 |
What's inside
As of Jul 31, 2026, the fund held 217 securities; the ten largest made up 14.03% of assets, and 9.37% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| CCO Holdings LLC Bonds and notes | 1.75% | |
| DISH DBS Corp. Bonds and notes | 1.55% | |
| Centene Corp. Bonds and notes | 1.55% | |
| TransDigm, Inc. Bonds and notes | 1.50% | |
| Organon & Co. Bonds and notes | 1.47% | |
| Sirius XM Radio LLC Bonds and notes | 1.39% | |
| Tenneco, Inc. Bonds and notes | 1.36% | |
| United Rentals North America, Inc. Bonds and notes | 1.19% | |
| Tenet Healthcare Corp. Bonds and notes | 1.15% | |
| Avantor Funding, Inc. Bonds and notes | 1.11% | |
| Bausch + Lomb Corp. Bonds and notes | 1.03% | |
| Wynn Macau Ltd. Bonds and notes | 0.98% | |
| Newell Brands, Inc. Bonds and notes | 0.95% | |
| Alliant Holdings Intermediate LLC Bonds and notes | 0.92% | |
| Aramark Services, Inc. Bonds and notes | 0.84% |
By country
United States 83.09%Canada 4.65%Cayman Islands 1.95%Luxembourg 1.76%United Kingdom 0.86%By issuer
Companies 95.11%The bonds mature in 1.9 years on average (weighted by size), with an average coupon of 5.79%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $23.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.33%, +0.23%, +0.20%.
How it works
IBHH is an index fund. It tries to match the Bloomberg 2028 Term High Yield and Income Index instead of relying on a manager's picks. The index holds U.S. dollar, fixed-rate corporate bonds that mature between January 1 and December 15, 2028. Most are high yield, or "junk," bonds, meaning they are rated below investment grade. They come from the Bloomberg U.S. High Yield Index. Bloomberg uses the middle rating of Moody's, S&P and Fitch. Each bond needs at least $250 million outstanding, and bonds priced below $60 are dropped.
Bonds are weighted by market value, and any one issuer is typically capped at 3%. The index rebalances at the end of each month until its last rebalance on June 30, 2028. In the final 1.5 years of its term, but before the last six months, BBB-rated bonds (the lowest investment-grade tier) replace junk bonds that are repaid early, drop out or lose value. In the final six months, cash from maturing bonds is held and not reinvested.
On or about December 15, 2028, the fund plans to close and pay out its remaining assets. It does not promise any set amount back. Near the end, its yield may drift toward money market rates. As of July 31, 2026, it held 220 positions with an average of 1.9 years to maturity, and 9.37% of assets were in cash.
What it really costs
- IBHH charges 0.35% a year, versus an average of 0.5% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IBHH | $36 | $— | $— | $— |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly income from high yield corporate bonds and has a fixed end date, so it can be matched to a cash need near the end of 2028.
IBHH pays income monthly. Its trailing 12-month yield was 6.2% ($1.44 per share) as of October 27, 2026. It costs 0.35% a year, which is $36 in the first year on $10,000 under the SEC's standard example. Its end date around December 15, 2028, lets someone line it up with a known future expense. The fund launched in March 2022, so it missed the 2008 and 2020 crashes and the start of the 2022 bear market. Even so, it fell 12% between March and September 2022 and did not fully recover until November 2023, about 14 months later. Every full calendar year since then has been positive. The weakest was 2024, at 7.56%. Junk bonds can fall hard in recessions, and the fund's yield may shrink as the end date nears. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly income from high yield bonds plus a set end date around December 15, 2028, much like holding bonds to maturity.
- People building a bond ladder (holdings that mature in different years) who want a 2028 rung that pays more than investment-grade bonds.
- Cost-aware investors: the 0.35% expense ratio is below the 0.50% average of similar high yield and loan funds.
Look elsewhere if
- Anyone uncomfortable with default risk: most holdings are junk bonds from issuers such as DISH DBS, Tenneco and CCO Holdings.
- Investors who want a permanent bond holding: the fund plans to liquidate around December 2028, and the proceeds would then need a new home.
- Those focused on the lowest fee or the largest fund: HYLB charges 0.05%, and IBHH was the smallest of eight comparable funds.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IBHH this fund | 1.9 yrs | 0.35% | $457.2M | +3.6% | +8.9% |
| SHYG iShares 0-5 Year High Yield Corporate Bond … | 3.1 yrs | 0.3% | $7.60B | +2.4% | +8.0% |
| SJNK SPDR Bloomberg Short Term High Yield Bond E… | 3.1 yrs | 0.4% | $4.88B | +1.5% | +7.8% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 4.6 yrs | 0.05% | $3.56B | +1.6% | +8.7% |
| BKLN Invesco Senior Loan ETF | 4.8 yrs | 0.65% | $6.74B | +3.9% | +6.9% |
| SRLN SPDR Blackstone Senior Loan ETF | 5.2 yrs | 0.7% | $5.21B | +3.7% | +7.0% |
| HYLS First Trust Tactical High Yield ETF | 5.2 yrs | 1.05% | $1.62B | +1.6% | +8.3% |
| HYDB iShares High Yield Systematic Bond ETF | 5.2 yrs | 0.35% | $1.61B | +0.9% | +8.7% |
Questions investors ask
When does IBHH mature and what happens at the end?
IBHH plans to close on or about December 15, 2028. At that point it will pay its remaining net assets to shareholders under a plan of liquidation. It does not promise to return any set amount. In the index's last six months, cash from maturing bonds is held and not reinvested. As a result, the prospectus warns that the fund's yield may move toward money market rates and fall below what its earlier bonds paid.
Does IBHH pay monthly dividends?
Yes. IBHH pays distributions monthly. As of October 27, 2026, its trailing 12-month yield was 6.2%, or $1.44 per share. The payments are not fixed. They can fall when bonds mature, are repaid early or are replaced with lower-yielding bonds. They are likely to shrink as the fund approaches its planned end date around December 15, 2028.
IBHH vs SHYG: what's the difference?
Both are iShares short-term high yield bond ETFs. SHYG holds bonds maturing within 0–5 years and never closes. IBHH holds bonds maturing in 2028 and plans to close in December 2028. SHYG charges 0.30% versus 0.35% for IBHH. It also had $7.6 billion in assets versus $457 million (both as of July 31, 2026). As of October 27, 2026, IBHH returned 3.6% over one year and 8.9% a year over three years. SHYG returned 2.4% and 8.0%.
Is IBHH a risky investment?
It carries real credit risk. Most of its bonds are junk bonds, which are more likely to default than investment-grade bonds. The fund fell 12% from March to September 2022 and took about 14 months to recover. Its short maturities (1.9 years on average as of July 31, 2026) limit how much rising interest rates hurt it. Its one-year volatility was 2.6% as of October 27, 2026.
What bonds does IBHH hold?
As of July 31, 2026, IBHH held 220 positions, and the top 10 made up 14.03% of assets. The largest were bonds from CCO Holdings (1.7%), DISH DBS (1.6%), Centene (1.6%), TransDigm (1.5%) and Organon (1.5%). About 83% of assets were in U.S. issuers and 4.65% in Canadian issuers. Cash made up 9.37%. Consumer goods and services companies and industrial companies made up a large share of the index.