iShares iBonds Dec 2032 Term Treasury ETF

The iShares iBonds Dec 2032 Term Treasury ETF (IBTM) holds U.S. Treasury notes that mature during 2032 and tracks the ICE 2032 Maturity US Treasury Index. Unlike most bond funds, it has an end date: around December 15, 2032, it plans to close and pay its remaining assets to shareholders. Its 0.07% annual expense ratio is below the 0.10% average for similar Treasury funds, though Vanguard's VGIT charges 0.03%.

• Over the year to Oct 27, 2026, IBTM returned -1.7%, 7th of 8 among similar funds.
• Its worst full calendar year was 2024 (-0.1%); its best was 2025 (+8.2%).
• The deepest fall in its price history was 13.6% (Aug 1, 2022 to Oct 19, 2023), recovered by Aug 1, 2025.

As of Jul 31, 2026, the fund held 15 securities; the ten largest made up 73.87% of assets.

The bonds mature in 5.9 years on average (weighted by size), with an average coupon of 3.53%.

• Over the three months to Jul 31, 2026, investors added a net $33.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.10%, +0.16%, -0.84%.

IBTM, from BlackRock's iShares, tracks the ICE 2032 Maturity US Treasury Index. To qualify, a security must be a fixed-rate, dollar-denominated U.S. Treasury note or bond. It must mature between January 1 and December 15, 2032, and have at least $1 billion outstanding, not counting Federal Reserve holdings. The index leaves out inflation-linked bonds, Treasury bills and STRIPS (bonds split into separate interest and principal pieces). Each bond is weighted by market value, so larger issues count more. As of July 31, 2026, the fund held 15 Treasury notes, and the four largest were each about 10% to 11% of assets.

The index rebalances on the last calendar day of each month. Interest received during the month sits as cash until then and is then reinvested in the remaining bonds. BlackRock uses representative sampling, which means the fund may hold a subset of bonds picked to match the index's yield, maturity and duration (how sensitive prices are to rate changes). At least 80% of assets must be in index bonds. Up to 10% may go into futures, options or swaps, but the fund held none as of July 31, 2026.

In the fund's last six months, money from maturing bonds may go into cash and money market funds. By December 15, 2032, the fund should be almost all cash. It then closes and pays out to shareholders. It doesn't promise any set amount, and its board can extend the end date.

• IBTM 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. Treasury notes, moved little with stocks (a one-year beta of 0.09), and has a set end date that can be matched to a known future expense.

IBTM can serve as one rung of a bond ladder, which is a set of bonds that mature in different years. Here, that means money set aside for spending around late 2032. As of October 27, 2026, its trailing 12-month yield was 4.09%, paid monthly. It costs 0.07% a year, or $7 on $10,000 in the first year under the SEC's standard example. It launched in July 2022, so it has no record through the 2008 or 2020 crashes or the whole 2022 bear market. Its deepest drop, 13.6%, ran from August 2022 to October 2023. It took about 21 months from that low to recover, in August 2025. Anyone forced to sell in late 2023 would have locked in a loss. Its weakest calendar year was 2024, at -0.07%. Past results don't predict future ones, 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).