iShares iBonds Dec 2026 Term Treasury ETF

iShares iBonds Dec 2026 Term Treasury ETF (IBTG) holds U.S. Treasury notes that mature in 2026. It is a term fund: it is scheduled to close on or about December 15, 2026 and pay its remaining assets out to shareholders. That fixed end date makes it act much like a single Treasury bond held to maturity, but in ETF form. Its 0.07% expense ratio is below the 0.12% average of similar short-term Treasury funds.

• Over the year to Oct 27, 2026, IBTG returned +3.6%, 2nd of 8 among similar funds.
• Its 5-year annualized return was +1.3%.
• Its worst full calendar year was 2022 (-8.2%); its best was 2025 (+4.4%).
• The deepest fall in its price history was 13.7% (Aug 4, 2020 to Oct 20, 2022), recovered by Dec 19, 2025.

As of Jul 31, 2026, the fund held 20 securities; the ten largest made up 53.69% of assets, and 23.6% sat in cash and money-market holdings.

The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 2.93%.

• Over the three months to Jul 31, 2026, investors withdrew a net $76.6M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.28%, +0.29%, +0.32%.

IBTG tracks the ICE 2026 Maturity US Treasury Index. To be in the index, a security must be a publicly issued U.S. Treasury note or bond that matures between January 1 and December 15, 2026. It also needs at least $1 billion outstanding, not counting the Federal Reserve's holdings, and a fixed coupon (interest payment). Inflation-protected Treasuries, Treasury bills, STRIPS and securities sold mainly to retail investors are excluded. Each bond is weighted by the market value of its outstanding amount. The index rebalances on the last calendar day of each month, and interest received during the month is held as cash until then.

BlackRock Fund Advisors uses "representative sampling," which means it can hold a sample of the index's bonds rather than every one. At least 80% of assets go into index securities and at least 90% into Treasuries. Up to 10% may go into futures, options or swaps. As of July 31, 2026, the fund held 20 Treasury issues with an average of 0.2 years left to maturity, plus 23.6% in cash.

In its last six months, money from maturing bonds goes into the remaining index bonds or into cash and money market funds. By December 15, 2026, the fund is expected to be almost entirely cash. It will then close and distribute its net assets. It does not aim to return any set amount, and its board may extend the end date.

• IBTG charges 0.07% a year, versus an average of 0.12% for the similar funds below (2nd of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $6 in the first year and $— over 10 years (assuming a 5% annual return).

It holds only short-dated U.S. Treasuries and has a fixed end date, so its price swings have been small, though not zero.

IBTG launched in February 2020, so it has no record from the 2008 crisis or the COVID crash. Rising interest rates hit it in 2022. It fell 9.5% during that bear market, and 2022 was its worst calendar year (-8.23%). Its deepest drop was 13.7%, from August 2020 to October 2022. It took 38 months to recover, so anyone forced to sell in that stretch took a loss. Price swings have shrunk as its bonds near maturity. It pays income monthly, with a trailing yield of 3.86% as of October 27, 2026. That income may drift toward money market rates before the fund closes on or about December 15, 2026. It costs 0.07% a year, or $6 on $10,000 in the SEC's first-year example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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