iShares iBonds Dec 2025 Term Muni Bond ETF
IBMN
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- iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) is an exchange-traded fund that seeks to track the investment results of the S&P AMT-Free Municipal Series Dec 2025 Index, composed of investment-grade U.S. municipal bonds maturing after December 31, 2024, and before December 2, 2025; these bonds, issued primarily by state or local governments or agencies, provide interest exempt from U.S. federal income taxes and the federal alternative minimum tax. The fund holds a diversified portfolio of approximately 374 such bonds, with top holdings including Seattle Wash Mun Lt & Pwr Rev (6.83%), Connecticut St Health & Edl Fa (5.56%), and Houston Tex Util Sys Rev (3.77%); it features a weighted average maturity of 0.03 years, effective duration of 0.03 years, and an expense ratio of 0.18%, distributing income monthly to support tax-exempt income generation, bond laddering, and interest rate risk management. Launched on November 13, 2018, and managed by BlackRock, the ETF trades on the Cboe BZX exchange with net assets of approximately $399.23 million as of September 30, 2025. Geographic exposure spans U.S. states including California (3.73%), Texas (2.86%), New York (2.59%), Illinois (2.01%), and Washington (1.97%), with credit ratings predominantly AA (20.11%) and AAA (11.58%). The fund targets investors seeking short-term, tax-efficient fixed income within the municipal bond segment. In a significant operational change, BlackRock announced the planned termination of IBMN, with the last day of trading on December 1, 2025, final NAV calculation on December 1, 2025, and liquidation on December 4, 2025; as bonds mature, the portfolio transitions to cash and cash-like instruments, after which substantially all net assets, net of liabilities, will distribute to shareholders without further notice. This aligns with the iBonds series' defined-maturity design, behaving like an individual bond rather than a perpetual fund, with yield trending toward tax-exempt money market rates in final months. Recent institutional interest includes Atlantic Union Bankshares Corp acquiring a new stake of 32,267 shares valued at $864,000 in Q2 2025.