At a glance
IEF charges 0.15% a year, above the 0.08% average of the 7 funds most like it (the 5th cheapest of 8). It has $41.82B in assets, the 3rd largest of that group; it paid 4.05% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.7% with distributions reinvested, the weakest of those 8 funds; over three years it returned +4.0% a year. At its worst it fell 4.7% in the 2020 crash (S&P 500: 33.7%) and 16.1% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 83.9% of the fund, out of 15 in all.
The short version
The iShares 7-10 Year Treasury Bond ETF (IEF) is a BlackRock index fund that holds U.S. government bonds, known as Treasuries, that mature in seven to ten years. It gained during the 2008 and 2020 stock market crashes, but its price is sensitive to interest rates: it lost 15.2% in 2022. It pays income monthly and charges 0.15% a year, above the 0.08% average of similar funds.
Price history
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IEF -1.7% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IEF official prospectus, to Dec 31, 2025 | — | +8.06% | — | -1.82% | +1.26% | — |
| ICE BofA US Broad Market Index index, same period | — | +7.15% | — | -0.42% | +2.01% | — |
| IEF price data to Nov 2, 2026 | -2.0% | -1.7% | +4.0% | -1.4% | +0.5% | +3.0% |
- Over the year to Nov 2, 2026, IEF returned -1.7%, 8th of 8 among similar funds.
- Its 5-year annualized return was -1.4% and its 10-year +0.5%.
- In the 2020 COVID crash, while stocks fell, it gained 6.4%.
- Its worst full calendar year was 2022 (-15.2%); its best was 2008 (+17.9%).
- The deepest fall in its price history was 23.9% (Aug 4, 2020 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.0% | — |
| 2025 | +8.0% | +8.06% |
| 2024 | -0.6% | -0.61% |
| 2023 | +3.9% | +3.58% |
| 2022 | -15.2% | -15.23% |
| 2021 | -3.3% | -3.27% |
| 2020 | +10.0% | +9.84% |
| 2019 | +8.0% | +8.38% |
| 2018 | +1.0% | +0.82% |
| 2017 | +2.5% | +2.47% |
| 2016 | +1.0% | +1.00% |
| 2015 | +1.5% | — |
| 2014 | +9.1% | — |
| 2013 | -6.1% | — |
| 2012 | +3.7% | — |
| 2011 | +15.6% | — |
| 2010 | +9.4% | — |
| 2009 | -6.6% | — |
| 2008 | +17.9% | — |
| 2007 | +10.4% | — |
| 2006 | +2.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 20.1% over that stretch · deepest drop along the way 6.2%, back to its old high 3.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 6.4% over that stretch · deepest drop along the way 4.7%, back to its old high 0.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.4% over that stretch · deepest drop along the way 16.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.8072 | |
| 2025 | $3.6100 | +7.1% |
| 2024 | $3.3700 | +12.0% |
| 2023 | $3.0100 | +60.1% |
| 2022 | $1.8800 | +93.8% |
| 2021 | $0.9700 | -24.8% |
| 2020 | $1.2900 | -43.7% |
| 2019 | $2.2900 | -2.1% |
| 2018 | $2.3400 | +22.5% |
| 2017 | $1.9100 | +0.5% |
| 2016 | $1.9000 | -4.5% |
| 2015 | $1.9900 | -9.1% |
| 2014 | $2.1900 | +25.9% |
| 2013 | $1.7400 | -9.7% |
| 2012 | $1.9277 | -28.4% |
| 2011 | $2.6941 | -11.2% |
| 2010 | $3.0356 | -13.5% |
| 2009 | $3.5108 | -4.0% |
| 2008 | $3.6568 | -2.1% |
| 2007 | $3.7356 | +6.9% |
| 2006 | $3.4931 |
Living on IEF: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Aug 31, 2026, the fund held 15 securities; the ten largest made up 83.88% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 9.31% | |
| United States of America Bonds and notes | 8.74% | |
| United States of America Bonds and notes | 8.63% | |
| United States of America Bonds and notes | 8.52% | |
| United States of America Bonds and notes | 8.31% | |
| United States of America Bonds and notes | 8.25% | |
| United States of America Bonds and notes | 8.21% | |
| United States of America Bonds and notes | 8.12% | |
| United States of America Bonds and notes | 7.93% | |
| United States of America Bonds and notes | 7.87% | |
| United States of America Bonds and notes | 6.73% | |
| United States of America Bonds and notes | 3.75% | |
| United States of America Bonds and notes | 2.47% | |
| United States of America Bonds and notes | 1.06% | |
| United States of America Bonds and notes | 0.25% |
By country
United States 98.14%By issuer
US Treasury 98.14%The bonds mature in 8.4 years on average (weighted by size), with an average coupon of 4.22%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $5.56B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.27%, -1.41%, +0.14%.
How it works
IEF tracks the ICE U.S. Treasury 7-10 Year Bond Index from ICE Data Indices. The index includes fixed-rate U.S. Treasuries with seven to ten years left until maturity and at least $300 million outstanding, not counting Federal Reserve holdings. It leaves out inflation-protected Treasuries, short-term Treasury bills, agency debt and zero-coupon bonds. It had 13 issues as of February 28, 2026. Bonds are weighted by market value, so bigger issues count more, and the index is refreshed at the end of each month.
BlackRock uses representative sampling. This means it may hold a mix of bonds that matches the index's key traits, such as yield and duration (how much a bond's price moves when rates change), rather than every issue. At least 80% of assets go into index bonds and 90% into Treasuries, and up to 10% may be in futures, options and swaps. As of August 31, 2026, it held 15 Treasury notes, the largest at 9.3%, with an average maturity of 8.4 years and no derivatives. It may also lend out up to a third of its assets.
As notes slip below seven years to maturity, they leave the index at a monthly update and newer ones take their place. That is one reason its portfolio turnover (the share of holdings replaced in a year) was 53%. It does not move to cash when markets fall.
What it really costs
- IEF charges 0.15% a year, versus an average of 0.08% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IEF | $15 | $48 | $85 | $192 |
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 rose during the 2008 and 2020 stock market crashes but fell alongside stocks in 2022, so it can offset stock losses but not reliably.
IEF has tended to gain when stocks crash, but not always. From the stock market's peak to its low point, it rose 20.1% during the 2008 financial crisis and 6.4% during the 2020 COVID crash. In the 2022 bear market, though, it lost 15.4% alongside stocks, and 2022 was its worst calendar year, at -15.2%. Its deepest drop was 23.9%, from August 2020 to October 2023, and it had not recovered by October 27, 2026. Anyone drawing cash from it during that stretch took it out below the 2020 peak.
Its monthly payouts added up to 4.07% of its price over the 12 months to October 27, 2026. Its 0.15% expense ratio, the yearly fee, works out to $15 in the first year and $192 over ten years on $10,000 under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting only U.S. Treasury notes maturing in seven to ten years, from an index excluding agency, inflation-linked and zero-coupon debt.
- Investors with stock-heavy portfolios who want a diversifier: IEF gained 20.1% during the 2008 financial crisis and 6.4% during the 2020 COVID crash.
- Investors wanting monthly income from U.S. government debt; the trailing 12-month yield was 4.07% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.15% expense ratio is well above GOVT's 0.05% and VGIT's 0.03%, though both have shorter average maturities.
- Investors who need the money soon: IEF fell 23.9% from August 2020 to October 2023 and hadn't recovered by October 27, 2026.
- Those seeking growth or inflation protection: IEF returned 1.26% a year over ten years through December 31, 2025, and its index excludes inflation-linked Treasuries.
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 |
|---|---|---|---|---|---|
| IEF this fund | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
| 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% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1.9 yrs | 0.03% | $12.95B | +2.1% | +4.2% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
Questions investors ask
Does IEF pay monthly dividends?
Yes. IEF pays monthly distributions, which come mainly from interest on the Treasury notes it holds. Over the 12 months to October 27, 2026, it paid about $3.71 per share, a trailing yield of 4.07%. The amount can change from month to month. The prospectus warns that the fund's income may fall if interest rates fall, because it may have to reinvest in lower-yielding bonds as holdings mature or leave the index.
What's the difference between IEF and GOVT?
IEF targets Treasuries with seven to ten years until maturity. GOVT, also from iShares, had a shorter average maturity: 7.4 years as of July 31, 2026, versus 8.4 years for IEF as of August 31, 2026. GOVT also costs less, at 0.05% a year versus IEF's 0.15%. Over the year to October 27, 2026, GOVT returned -1.2% and IEF -2.8%. Over three years, GOVT returned 4.1% a year and IEF 4.3%. IEF's longer maturity generally means bigger swings when rates move.
Is IEF safe?
IEF carries little risk of default, but its price can fall sharply. It holds U.S. Treasury notes, which are backed by the U.S. government. Even so, it dropped 23.9% from August 2020 to October 2023 and had not recovered by October 27, 2026. Its worst quarter was a 6.51% loss in the first quarter of 2022. The prospectus also warns that changes in the U.S. government's financial condition or credit rating could lower the value of Treasuries.
How does IEF react when interest rates rise?
Its price tends to fall. Bond prices move opposite to interest rates, and the longer a bond has until it matures, the more its price reacts. IEF's average maturity was 8.4 years as of August 31, 2026, versus 1.9 years for the iShares 1-3 Year Treasury Bond ETF (SHY). Over the year to October 27, 2026, IEF returned -2.8% while SHY returned 1.6%. Higher rates do let the fund reinvest at higher yields over time.
What is IEF's 10-year return?
IEF returned an average of 1.26% a year over the 10 years through December 31, 2025, according to its prospectus. Over five years it returned -1.82% a year. The ICE BofA US Broad Market Index, shown in the prospectus for comparison, returned 2.01% and -0.42%. Calendar-year results ranged from a 15.2% loss in 2022 to a 9.84% gain in 2020. Through October 27, 2026, its 10-year return was 0.5% a year.