At a glance
IBTJ charges 0.07% a year, below the 0.11% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.35B in assets, the 8th largest of that group; it paid 3.84% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.5% with distributions reinvested, 6th of those 8 funds; over three years it returned +4.7% a year. At its worst it fell 13.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 37 months after the low. Its ten largest positions make up 39.8% of the fund, out of 34 in all.
The short version
The iShares iBonds Dec 2029 Term Treasury ETF (IBTJ) holds US Treasury notes and bonds that mature in 2029, tracking the ICE 2029 Maturity US Treasury Index. Unlike most bond funds, it has an end date: it plans to close on or about December 15, 2029, and pay its remaining assets to shareholders. Its 0.07% expense ratio is below the 0.11% average of similar Treasury funds.
Price history
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IBTJ +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 | |
|---|---|---|---|---|---|---|
| IBTJ official prospectus, to Dec 31, 2025 | — | +6.92% | — | -0.83% | — | +0.19% |
| ICE BofA US Broad Market Index index, same period | — | +7.15% | — | -0.42% | — | +0.36% |
| IBTJ price data to Oct 27, 2026 | 0.0% | +0.5% | +4.7% | 0.0% | — | -0.1% |
- Over the year to Oct 27, 2026, IBTJ returned +0.5%, 6th of 8 among similar funds.
- Its 5-year annualized return was 0.0%.
- Its worst full calendar year was 2022 (-12.4%); its best was 2025 (+6.9%).
- The deepest fall in its price history was 20.2% (Aug 4, 2020 to Oct 20, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.0% | — |
| 2025 | +6.9% | +6.92% |
| 2024 | +1.8% | +1.83% |
| 2023 | +4.5% | +4.50% |
| 2022 | -12.4% | -12.56% |
| 2021 | -3.6% | -3.57% |
| 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 13% over that stretch · deepest drop along the way 13.7%, back to its old high 36.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6189 | |
| 2025 | $0.8300 | 0.0% |
| 2024 | $0.8300 | +7.8% |
| 2023 | $0.7700 | +87.8% |
| 2022 | $0.4100 | +141.2% |
| 2021 | $0.1700 |
What's inside
As of Jul 31, 2026, the fund held 34 securities; the ten largest made up 39.82% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 4.10% | |
| United States of America Bonds and notes | 4.07% | |
| United States of America Bonds and notes | 4.05% | |
| United States of America Bonds and notes | 4.03% | |
| United States of America Bonds and notes | 4.02% | |
| United States of America Bonds and notes | 4.02% | |
| United States of America Bonds and notes | 3.99% | |
| United States of America Bonds and notes | 3.97% | |
| United States of America Bonds and notes | 3.88% | |
| United States of America Bonds and notes | 3.70% | |
| United States of America Bonds and notes | 3.51% | |
| United States of America Bonds and notes | 3.34% | |
| United States of America Bonds and notes | 3.32% | |
| United States of America Bonds and notes | 3.31% | |
| United States of America Bonds and notes | 3.31% |
By country
United States 98.75%By issuer
US Treasury 98.75%The bonds mature in 2.9 years on average (weighted by size), with an average coupon of 3.52%.
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 $149.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.07%, +0.06%, -0.09%.
How it works
IBTJ tracks the ICE 2029 Maturity US Treasury Index. The index holds publicly issued Treasury notes and bonds scheduled to mature between January 1 and December 15, 2029. Each issue needs at least $1 billion outstanding, not counting amounts held by the Federal Reserve, and must pay a fixed rate of interest. The index leaves out inflation-protected Treasuries (TIPS), short-term Treasury bills and STRIPS, which are bonds split into separate interest and principal pieces. Each bond is weighted by its market value. As of July 31, 2026, the fund held 34 Treasury issues. The largest each made up about 4% of assets, and the top 10 about 40%.
The index rebalances on the last calendar day of each month. Interest received during the month sits as cash until then. The manager, BlackRock Fund Advisors, uses "representative sampling." This means it may hold a subset of the index's bonds, chosen to match the index's maturity, yield and duration (how sensitive prices are to rate changes).
IBTJ is a term fund. In its last six months, its bonds mature and the money moves into cash and money market holdings, so its yield may drift toward money market rates. Around December 15, 2029, the fund plans to wind up and pay its remaining assets to shareholders. It does not promise any set amount, and its board can extend the date.
What it really costs
- IBTJ charges 0.07% a year, versus an average of 0.11% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $7 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 |
|---|---|---|---|---|
| IBTJ | $7 | $23 | $— | $— |
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 holds only US Treasury debt with a planned end date, so its price swings have been modest and should narrow as its bonds near their 2029 maturity.
IBTJ is too new to show how it handled 2008, and it launched on February 25, 2020, too late to count for the COVID crash. Its real test came in 2022, when rising interest rates pushed bond prices down. It fell 13.7% from January 3 to September 27, 2022. It took 36.6 months to get back to its starting level, on October 16, 2025. Its deepest drop, 20.2% from August 2020 to October 2022, had not been fully recovered as of October 27, 2026. Anyone forced to cash out in a year like that would lock in a loss. Bond prices usually swing less as the bonds get close to maturity, though.
The trailing yield was 3.84%, paid monthly, as of October 27, 2026. Costs are low: about $7 in the first year on $10,000. 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 matching a known expense in late 2029, such as a planned purchase, with Treasury bonds that all mature that year.
- Retirees wanting monthly income backed by the US government; the trailing yield was 3.84% as of October 27, 2026.
- Cost-conscious investors: its 0.07% expense ratio is below the 0.11% average of similar Treasury funds, though Vanguard's VGSH charges 0.03%.
Look elsewhere if
- Anyone wanting a permanent bond holding; the fund plans to close around December 15, 2029, which will mean a reinvestment decision.
- Investors uneasy with losses: it lost 12.56% in 2022 and was still below its August 2020 peak as of October 27, 2026.
- Those seeking inflation protection; the index excludes inflation-protected Treasuries (TIPS), so rising prices can erode the real value of its payments.
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 |
|---|---|---|---|---|---|
| IBTJ this fund | 2.9 yrs | 0.07% | $1.35B | +0.5% | +4.7% |
| 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% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
Questions investors ask
Does IBTJ pay monthly dividends?
Yes. IBTJ pays income monthly. Over the 12 months to October 27, 2026, it paid about $0.82 per share, a trailing yield of 3.84%. That income comes from interest on the Treasury notes and bonds it holds. Payments may fall as the fund nears its end in late 2029. As its bonds mature and turn into cash, the prospectus warns that its yield may drift toward money market rates.
What happens to IBTJ when it matures in 2029?
IBTJ plans to close on or about December 15, 2029. In its last six months, its bonds mature and the proceeds move into cash and money market holdings. By the closing date, the fund should hold almost entirely cash. After covering any liabilities, it pays what's left to shareholders. It does not promise any set amount at maturity. Its board can also extend the termination date.
What's the difference between IBTJ and VGSH?
The biggest difference is that IBTJ has an end date and VGSH doesn't. VGSH, the Vanguard Short-Term Treasury ETF, keeps buying new short-term Treasuries with no planned end. IBTJ holds only bonds maturing in 2029 and plans to close around December 15, 2029. VGSH costs less, at 0.03% versus 0.07%, and its holdings had an average maturity of 1.9 years versus IBTJ's 2.9 years. It is also far larger, with about $39.2 billion in net assets against IBTJ's $1.35 billion.
Is IBTJ the same as owning a Treasury bond maturing in 2029?
Not quite. An individual Treasury pays its face value at maturity, while IBTJ does not promise any set amount when it closes. As of July 31, 2026, the fund spread its money across 34 Treasury issues maturing in 2029, so no single bond dominates. It charges 0.07% a year, pays income monthly and trades on an exchange like a stock. That makes it simpler to buy in small amounts than a basket of individual bonds.
How much did IBTJ lose in 2022?
IBTJ returned −12.56% in 2022, its worst calendar year, according to its prospectus. Its worst quarter was the first quarter of 2022, at −5.93%. When interest rates rise, older bonds paying lower rates lose value, and rates rose sharply that year. The fund's price fell 13.7% from January 3 to September 27, 2022, and took 36.6 months to recover. In 2025 it returned 6.92%.