At a glance
IBMN charges 0.18% a year, above the 0.11% average of the 7 funds most like it (the 5th cheapest of 8). It has $384.5M in assets, the 8th largest of that group; it paid 0.41% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +0.3% with distributions reinvested, 4th of those 8 funds; over three years it returned +2.3% a year. At its worst it fell 12.4% in the 2020 crash (S&P 500: 33.7%) and 6.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 26 months after the lows. Its ten largest positions make up 4.9% of the fund, out of 258 in all.
The short version
iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) is a BlackRock fixed-maturity bond fund. It tracks the S&P AMT-Free Municipal Series Dec 2025 Index, which holds investment-grade, tax-exempt municipal bonds maturing in 2025. Unlike most bond funds, it was built to end: its prospectus says it would wind up around December 2, 2025, and return its net assets to shareholders. Its 0.18% expense ratio is above the 0.11% average of similar funds.
Price history
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IBMN +0.3% 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 | |
|---|---|---|---|---|---|---|
| IBMN price data to Oct 27, 2026 | 0.0% | +0.3% | +2.3% | +0.6% | — | +2.1% |
- Over the year to Oct 27, 2026, IBMN returned +0.3%, 4th of 8 among similar funds.
- Its 5-year annualized return was +0.6%.
- In the 2020 COVID crash it fell 12.4% and regained its old high 2.3 months after the low.
- Its worst full calendar year was 2022 (-4.5%); its best was 2019 (+7.0%).
- The deepest fall in its price history was 12.4% (Mar 9, 2020 to Mar 20, 2020), recovered by May 28, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | 0.0% |
| 2025 | +2.5% |
| 2024 | +2.4% |
| 2023 | +2.4% |
| 2022 | -4.5% |
| 2021 | -0.4% |
| 2020 | +4.7% |
| 2019 | +7.0% |
| 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 | Lost 10.9% over that stretch · deepest drop along the way 12.4%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6% over that stretch · deepest drop along the way 6.6%, back to its old high 25.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5500 | 0.0% |
| 2024 | $0.5500 | +19.6% |
| 2023 | $0.4600 | +84.0% |
| 2022 | $0.2500 | +20.5% |
| 2021 | $0.2075 | -27.2% |
| 2020 | $0.2849 | -41.4% |
| 2019 | $0.4863 |
What's inside
As of Oct 31, 2025, the fund held 258 securities; the ten largest made up 4.91% of assets, and 75.2% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Massachusetts School Building Authority Bonds and notes | 0.64% | |
| State of Illinois Bonds and notes | 0.61% | |
| State of Wisconsin Bonds and notes | 0.57% | |
| South Carolina Public Service Authority Bonds and notes | 0.52% | |
| Dallas Area Rapid Transit Bonds and notes | 0.52% | |
| City of Cincinnati Bonds and notes | 0.52% | |
| County of Will Bonds and notes | 0.52% | |
| Central Puget Sound Regional Transit Authority Bonds and notes | 0.40% | |
| New Jersey Economic Development Authority Bonds and notes | 0.30% | |
| State of Georgia Bonds and notes | 0.30% | |
| New York City Transitional Finance Authority Future Tax Secured Bonds and notes | 0.30% | |
| University of Minnesota Bonds and notes | 0.29% | |
| County of Montgomery Bonds and notes | 0.29% | |
| Metropolitan Council Bonds and notes | 0.27% | |
| Adams & Arapahoe Counties Joint School District 28J Aurora Bonds and notes | 0.26% |
By country
United States 24.09%By issuer
Municipalities 24.09%The bonds mature in 1.4 years on average (weighted by size), with an average coupon of 4.92%.
Source: N-PORT holdings report as of Oct 31, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Oct 31, 2025, investors withdrew a net $54.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.18%, +0.21%, +0.20%.
How it works
The fund follows the S&P AMT-Free Municipal Series Dec 2025 Index, run by S&P Dow Jones Indices. The index holds municipal bonds, which are debts of states, cities, the District of Columbia and local agencies. They must be non-callable, meaning the issuer can't repay them early. Their interest is free of federal income tax and the alternative minimum tax (AMT), a parallel tax some higher earners pay. Each bond needs a rating of at least BBB- or Baa3, the lowest investment-grade tier, and at least $2 million outstanding. As of October 31, 2024, the index had 12,232 issues.
BlackRock's adviser uses representative sampling. Instead of buying every bond, it holds a sample built to match the index's duration (price sensitivity to interest rates), credit quality and yield. At least 80% of assets go into index bonds. Up to 10% may go into futures, options, swaps or other bonds. As of October 31, 2025, the fund held 301 positions from 258 issuers. The largest, a Massachusetts School Building Authority bond, was 0.64% of assets.
As bonds mature, the money isn't reinvested in new bonds. It moves into cash equivalents such as money market funds and short-term municipal notes. Cash was 75.2% of assets as of October 31, 2025. The prospectus says the fund would terminate around December 2, 2025, unless the Board extends that date. It is not a target date fund and does not protect against inflation.
What it really costs
- IBMN charges 0.18% a year, versus an average of 0.11% for the similar funds below (5th of 8, cheapest first).
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 held high-quality, short-dated, tax-exempt bonds that came due on a known schedule, much like a single rung of a bond ladder.
IBMN worked like one rung of a bond ladder: a batch of investment-grade, tax-exempt bonds coming due at a known time. Near its end it barely moved, with price swings (volatility) of 0.6% over the year to October 27, 2026. Earlier it was less calm. In the 2020 COVID crash it fell 12.4% in March and recovered in about 2.3 months. In 2022 rising rates pushed it down 6.6%, and it took 25.9 months to recover. Its 4.45% loss that calendar year was its worst. Anyone who had to sell in those stretches would have locked in losses. The trailing yield was 0.41% as of October 27, 2026, paid twice a year. Its 0.18% fee is above the 0.11% peer average. The fund was set to close around December 2, 2025, so it can't serve as a lasting holding. 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
- Bond-ladder builders who wanted a rung maturing in 2025, with net assets returned around December 2, 2025, much like a single bond.
- Taxable investors seeking interest exempt from federal income tax, the AMT and the 3.8% Medicare tax on investment income.
- Those wanting wide spread across issuers: 301 positions, with the top 10 holdings only 4.91% of assets as of October 31, 2025.
Look elsewhere if
- Anyone wanting a lasting holding: the fund was scheduled to wind up around December 2, 2025, and its trading status is worth confirming with iShares.
- Cost-focused investors: its 0.18% expense ratio compares with 0.07% for SUB, 0.05% for MUB and 0.03% for VTEB.
- Those seeking inflation protection, which the prospectus says it doesn't offer, or holding bonds in tax-deferred accounts, where tax-free interest adds little.
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 |
|---|---|---|---|---|---|
| IBMN this fund | 1.4 yrs | 0.18% | $384.5M | +0.3% | +2.3% |
| JMST JPMorgan Ultra-Short Municipal Income ETF | 2.7 yrs | 0.18% | $7.36B | +2.5% | +3.3% |
| SUB iShares Short-Term National Muni Bond ETF | 3.3 yrs | 0.07% | $11.64B | +2.1% | +3.3% |
| SHM SPDR Nuveen Bloomberg Short Term Municipal … | 6.2 yrs | 0.2% | $3.47B | +1.2% | +3.3% |
| CMF iShares California Muni Bond ETF | 12.4 yrs | 0.08% | $4.63B | -0.6% | +3.8% |
| ITM VanEck Intermediate Muni ETF | 12.4 yrs | 0.18% | $2.12B | -0.3% | +4.6% |
| MUB iShares National Muni Bond ETF | 13.5 yrs | 0.05% | $45.38B | -0.2% | +3.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
Questions investors ask
When does IBMN mature and close?
The prospectus says IBMN was set to wind up and terminate around December 2, 2025. In its final months, the money from maturing bonds was held in cash and cash equivalents instead of new bonds. Cash made up 75.2% of assets as of October 31, 2025. After covering any liabilities, the fund pays out its net assets to shareholders under a plan of liquidation. The Board can extend the date. The fund's price showed no change in 2026 through October 27, 2026.
Is IBMN interest tax-free?
Largely, at the federal level. The fund generally holds municipal bonds whose interest is exempt from federal income tax, the federal alternative minimum tax and the 3.8% Medicare tax on net investment income. State taxes are a separate question. Many states tax interest on bonds issued by other states, and the fund holds bonds from many states, including Massachusetts, Illinois and Wisconsin. Any capital gains the fund pays out may also be taxable.
What's the difference between IBMN and JMST?
Both charge 0.18% a year, but they are built differently. IBMN held municipal bonds maturing in 2025 and was designed to close around December 2, 2025. JMST, the JPMorgan Ultra-Short Municipal Income ETF, was its closest match by maturity and issuer mix (51% similarity). JMST had an average maturity of 2.7 years and $7.36 billion in net assets as of August 31, 2026. As of October 27, 2026, JMST's one-year return was 2.5%, compared with 0.3% for IBMN.
How often does IBMN pay dividends?
IBMN's payout schedule is listed as semiannual. Over the 12 months to October 27, 2026, it paid about $0.11 per share, a trailing yield of 0.41%. That low figure likely reflects a fund whose bonds had mostly matured into cash. Its remaining bonds had an average coupon (the interest rate printed on the bond) of 4.92% as of October 31, 2025, when bonds were 24.1% of assets.
Did IBMN lose money in 2022?
Yes. IBMN lost 4.45% in calendar 2022, its worst year, as rising interest rates pushed bond prices down. Its worst quarter was the first quarter of 2022, at -4.31%. From its January 3, 2022 peak, it fell 6.6% by September 26, 2022, and didn't fully recover until November 22, 2024, about 25.9 months later. It returned 2.44% in 2023, 2.36% in 2024 and 2.52% in 2025.