iShares iBonds Dec 2031 Term Treasury ETF

The iShares iBonds Dec 2031 Term Treasury ETF (IBTL) holds U.S. Treasury notes that mature in 2031 and tracks the ICE 2031 Maturity US Treasury Index. Most bond funds run forever, but this one has an end date. It plans to close on or about December 15, 2031 and pay its remaining assets out to shareholders. It charges 0.07% a year, below the 0.10% average of similar Treasury funds, and pays income monthly.

• Over the year to Oct 27, 2026, IBTL returned -1.1%, 7th of 8 among similar funds.
• Its 5-year annualized return was -1.0%.
• Its worst full calendar year was 2022 (-15.8%); its best was 2025 (+7.9%).
• The deepest fall in its price history was 20.9% (Sep 1, 2021 to Oct 19, 2023), not yet recovered.

As of Jul 31, 2026, the fund held 22 securities; the ten largest made up 60.99% of assets.

The bonds mature in 4.9 years on average (weighted by size), with an average coupon of 3.23%.

• Over the three months to Jul 31, 2026, investors added a net $105.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.15%, +0.09%, -0.60%.

IBTL tracks the ICE 2031 Maturity US Treasury Index. The index holds publicly issued U.S. Treasury notes and bonds that mature between January 1 and December 15, 2031. Each issue needs at least $1 billion outstanding, not counting the amount the Federal Reserve holds. It must also pay a fixed coupon (the bond's regular interest payment) in U.S. dollars. The index leaves out inflation-protected Treasuries, Treasury bills and STRIPS (bonds split into separate interest and principal pieces). Each bond's weight depends on its market value, so larger issues count for more. The index rebalances on the last calendar day of each month. Interest received during the month sits in cash until then.

BlackRock's fund adviser uses representative sampling. That means it buys a set of bonds that together match the index's maturity, yield and interest-rate sensitivity, so it may not hold every issue. The fund must keep at least 80% of its assets in index bonds and at least 90% in U.S. Treasuries. As of July 31, 2026, it held 22 Treasury notes. The largest made up 7.7% of assets, and the top 10 made up about 61%.

In the final six months, cash from maturing bonds goes into the remaining index bonds or into cash-like holdings. By December 15, 2031, the fund should be almost all cash. It will then close and pay out its assets. It does not promise any set amount at that point, and its board can push the date back.

• IBTL charges 0.07% a year, versus an average of 0.1% for the similar funds below (4th 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).

It holds only U.S. Treasuries and has a fixed end date, so it can set aside money for spending around late 2031, though its price can still swing with interest rates before then.

IBTL can work like one rung of a bond ladder: money held in U.S. Treasuries for spending around late 2031. As that date gets closer, its price should react less to interest-rate changes. Until then, rate moves still matter. The fund launched in July 2021, so it has no record for the 2008 or 2020 crashes. In the 2022 bear market it fell 17.7% from peak to trough, and 2022 was its worst calendar year, with a loss of 15.59%. Its deepest drop, 20.9% from September 2021 to October 2023, had not been fully recovered as of October 27, 2026. Anyone who had to sell shares early in a bad year could have locked in a loss.

Its trailing 12-month yield was 4.07% as of October 27, 2026, paid monthly, and it costs 0.07% a year. 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).