At a glance
IBTF charges 0.07% a year, below the 0.12% average of the 7 funds most like it (the 2nd cheapest of 8). It has $1.75B in assets, the 8th largest of that group; it paid 0.69% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +0.5% with distributions reinvested, 7th of those 8 funds; over three years it returned +3.4% a year. At its worst it fell 7.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low.
The short version
iShares iBonds Dec 2025 Term Treasury ETF (IBTF) is a BlackRock index fund that held U.S. Treasury notes maturing in 2025. It was built to close on or about December 15, 2025, and pay its remaining assets out to shareholders. That fixed end date sets it apart from open-ended short Treasury funds such as SGOV. Its 0.07% expense ratio is below the 0.12% average of similar funds.
Price history
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IBTF +0.5% 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 | |
|---|---|---|---|---|---|---|
| IBTF price data to Oct 27, 2026 | 0.0% | +0.5% | +3.4% | +1.1% | — | +1.0% |
- Over the year to Oct 27, 2026, IBTF returned +0.5%, 7th of 8 among similar funds.
- Its 5-year annualized return was +1.1%.
- Its worst full calendar year was 2022 (-6.4%); its best was 2024 (+4.6%).
- The deepest fall in its price history was 10.5% (Aug 4, 2020 to Oct 20, 2022), recovered by Mar 20, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | 0.0% |
| 2025 | +3.8% |
| 2024 | +4.6% |
| 2023 | +4.2% |
| 2022 | -6.4% |
| 2021 | -2.4% |
| 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 | Lost 7% over that stretch · deepest drop along the way 7.4%, back to its old high 22.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8800 | -12.9% |
| 2024 | $1.0100 | +6.3% |
| 2023 | $0.9500 | +111.1% |
| 2022 | $0.4500 | +235.3% |
| 2021 | $0.1342 |
What's inside
As of Oct 31, 2025, the fund held 6 securities; the ten largest made up 61.12% of assets, and 9.67% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 14.06% | |
| United States of America Bonds and notes | 11.50% | |
| United States of America Bonds and notes | 11.42% | |
| United States of America Bonds and notes | 9.66% | |
| United States of America Bonds and notes | 9.64% | |
| United States of America Bonds and notes | 4.84% |
By country
United States 61.12%By issuer
US Treasury 61.12%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 3.07%.
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 $179.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.36%, +0.36%, +0.34%.
How it works
The fund tracks the ICE 2025 Maturity US Treasury Index. To qualify, a security had to be a U.S. Treasury note or bond scheduled to mature between January 1 and December 15, 2025. It also needed at least $1 billion outstanding, not counting Federal Reserve holdings, plus a fixed coupon (the interest rate a bond pays) and U.S. dollar denomination. The index left out inflation-protected Treasuries, Treasury bills and STRIPS. Bonds are weighted by market value, so larger issues get bigger slices.
The index rebalances on the last calendar day of each month. Interest received during the month sits as cash, earning nothing, until that rebalance. BlackRock uses representative sampling: it can hold a subset of index bonds that together match the index's maturity, yield and interest-rate sensitivity. At least 80% of assets go into index bonds, and up to 10% can go into futures, options or swaps.
The end date is the key mechanical feature. In the final six months, money from maturing bonds went into the remaining index bonds, cash or money market funds. The fund was expected to be almost all cash by December 15, 2025, and then to wind up and pay out its net assets. The board approved this without a shareholder vote and kept the power to extend the date. The fund does not promise any set amount at maturity.
What it really costs
- IBTF charges 0.07% a year, versus an average of 0.12% for the similar funds below (2nd 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 only short-dated U.S. Treasuries and was designed to turn into cash on a known date, like one rung of a bond ladder.
IBTF was designed as one rung of a bond ladder, a series of bonds that come due in different years. It held Treasuries that would turn into cash around December 15, 2025, which suits a year when money is needed. It launched on February 25, 2020, so it missed the 2008 and 2020 crashes. In the 2022 bear market it fell 7.4% from January 3 to September 26, 2022, and took about 22 months to recover. Its deepest drop was 10.5%, from August 2020 to October 2022, and recovery took 29 months. Its worst calendar year was 2022, at -6.4%. Anyone who sold in 2022 locked in a loss. The fund paid income twice a year, and its trailing yield was 0.69% as of October 27, 2026. Its expense ratio is 0.07%. Past results don't predict future ones, 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 Treasuries maturing in 2025 that would turn into cash on or about December 15, 2025.
- Cost-conscious investors: its 0.07% expense ratio ranked 2nd lowest of 8 similar funds, below the 0.12% average.
- Investors who wanted only U.S. Treasury notes; six of them made up 61% of assets as of October 31, 2025.
Look elsewhere if
- Anyone wanting a lasting holding: the fund was set to wind up around December 15, 2025, while SGOV and BIL have no end date.
- Income seekers: it paid twice a year, and its trailing yield was 0.69% as of October 27, 2026.
- Investors who might sell early: shares fell 10.5% between August 2020 and October 2022 and took 29 months to recover.
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 |
|---|---|---|---|---|---|
| IBTF this fund | 0.1 yrs | 0.07% | $1.75B | +0.5% | +3.4% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
Questions investors ask
When does IBTF mature?
The prospectus said IBTF would terminate on or about December 15, 2025. By then the fund was expected to hold almost all cash. After paying any liabilities, it would distribute its remaining net assets to shareholders under a plan of liquidation. The board kept the power to extend that date. The fund's price showed no change in 2026 through October 27, 2026, so anyone who still holds shares may want to confirm the fund's status with iShares.
IBTF vs SGOV: what's the difference?
Both are iShares Treasury funds with a very short average maturity of about 0.1 years. SGOV keeps rolling into new Treasuries that mature within three months, and it has no end date. IBTF held notes maturing in 2025 and was built to wind up in December 2025. IBTF's expense ratio is 0.07%, against 0.09% for SGOV. Over one year, SGOV returned 3.7% as of October 29, 2026, while IBTF returned 0.5% as of October 27, 2026.
Can IBTF lose money?
Yes. Treasuries carry little credit risk, but their prices fall when interest rates rise. IBTF lost 6.4% in 2022, its worst calendar year, and dropped 4.17% in its worst quarter, the first quarter of 2022. Its deepest decline was 10.5%, from August 2020 to October 2022, and it didn't fully recover until March 2025. As bonds get close to maturity, their prices tend to move toward face value, which shrinks this rate risk.
How often does IBTF pay dividends?
IBTF paid income semiannually, or twice a year. Over the 12 months to October 27, 2026, it paid about $0.16 per share, a trailing yield of 0.69%. The income came from interest on its Treasury notes, which had an average coupon of 3.07% as of October 31, 2025. The fund was designed to wind up in December 2025, so its final payment was meant to return its remaining net assets, not to start a stream of ongoing income.
Is IBTF good for retirement?
It depends on the job it's meant to do. IBTF may suit retirees who wanted a dated rung in a Treasury ladder, with cash coming back around December 15, 2025, at a 0.07% expense ratio. It doesn't work as a lasting core holding, because it was built to close. Its 7.4% drop in 2022 shows that selling before maturity can mean taking a loss. For ongoing short-term Treasury exposure, SGOV, BIL and SHV are worth comparing.