IBMS's largest holdings are BlackRock Liquidity Funds MuniCash, State of New Jersey, City of San Antonio, Metropolitan Transportation Authority, University of California. The full top list is on this page.

How concentrated is IBMS?

The top 10 holdings are 5.8% of the fund, across 1,758 positions.

The total expense ratio on record is 0.18%. That is cheaper than 65% of the 864 US-listed bond funds we track.

US-listed · United States

IBMS

The Fund seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2030.

iShares iBonds Dec 2030 Term Muni Bond ETF

US46438G6879 · BlackRock (iShares)

1,758 holdings as of 2026-08-27 · top 10 = 5.8% · TER 0.18%

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Concentration

Well diversifiedtop 10 = 5.8%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,758

as of 2026-08-27

Top 10

5.8%

TER

0.18%

cheaper than 65% of peers

Net assets

US$335M

reported in USD

Largest

1.4%

P / E

–

Sections

Holdings as of 2026-08-27.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

2.1%

Tracked index

S&P AMT-Free Municipal Series Callable-Adjusted 2030 Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-02

-0.1%

-1.1%

-2.3%

YTD

-1.8%

-1.0%

Trackingfund minus S&P AMT-Free Municipal Series Callable-Adjusted 2030 Index · annualised

1Y return gap

-0.01 pp/yr

1Y tracking error

0.09%

A positive return gap means the fund finished ahead of the index over that window. The 1Y tracking error shows how variable that monthly gap was; lower means steadier tracking. MethodologyReturn gap and tracking errorReturn gap is the fund's return minus its index over the same months, converted to a yearly rate. Tracking error is the annualised standard deviation of those monthly fund-minus-index returns. Both lines come from the manager's own chart, in the same currency and the exact index variant the fund tracks. We use month-end values so different intraday valuation times are not mistaken for tracking error.. Not investment advice.

03Holdings

50 largest · as of 2026-08-27

#	Company	Identifier	Weight
1	BlackRock Liquidity Funds MuniCash US	MCSXX	1.3
2	State of New Jersey US	NJS	0.7
3	City of San Antonio US	US79625GNF62	0.6
4	Metropolitan Transportation Authority US	US59261AG682	0.5
5	University of California US	US91412HWB58	0.5
6	Connecticut State Health & Educational Facilities Authority US	US20775DZS43	0.5
7	State of Texas US	US882725EF79	0.4
8	California (State of) US	US13063DWS34	0.4
9	LOS ANGELES CALIF UNI SCH DIST US	US544647MT41	0.4
10	AQUARION WATER AUTHORITY CT US	US03843TAY73	0.4
11	Los Angeles Unified School District US	LOSSCD	0.4
12	County of Morris US	US618024BT98	0.4
13	Alabama (State of) Public School & College Authority (Social Bonds) US	US010609FL46	0.4
14	Hawaii (State of) US	US419794B842	0.3
15	Missouri (State of) Highway & Transportation Commission US	US60636WTC90	0.3
16	Great Lakes Water Authority Sewage Disposal System US	US39081HHV78	0.3
17	Dallas Independent School District US	US235308Y233	0.3
18	State of Washington US	US93974FHC05	0.3
19	GEORGIA ST US	US373385QY24	0.3
20	State of California US	US13063ENN21	0.3
21	Triborough Bridge & Tunnel Authority (Green Bonds) US	US89602HFT95	0.3
22	LONG ISLAND POWER AUTHORITY US	US542691MN79	0.3
23	California (State of) US	US13063DVB18	0.3
24	Los Angeles Department of Water & Power Water System Revenue US	LOSUTL	0.2
25	AQUARION WATER AUTHORITY CT US	US03843TAE10	0.2
26	Massachusetts Water Resources Authority US	US576051W511	0.2
27	Los Angeles (City of), CA Department of Water & Power US	US5444956H24	0.2
28	Hillsborough (County of), FL School Board (Master Lease Program) US	US43232VVA69	0.2
29	Private Colleges & Universities Authority (Emory University) US	US74265LS744	0.2
30	RANCHO SANTIAGO CA CMNTY CLG D US	US752147FL75	0.2
31	NEW YORK ST URBAN DEV CORP REV US	US650036CX25	0.2
32	California (State of) US	US13063DPS17	0.2
33	Los Angeles Department of Water & Power US	US544532GF50	0.2
34	Los Angeles Department of Water & Power US	US544532QE75	0.2
35	State of Maryland US	US574193TE87	0.2
36	Duval County (County of), FL School Board US	US267169HD59	0.2
37	Utah State Building Ownership Authority US	US917547G881	0.2
38	Harris (County of), TX Metropolitan Transit Authority US	US41422EJB02	0.2
39	State of California US	US13063DHP69	0.2
40	Metropolitan Transportation Authority US	US59261A5V56	0.2
41	Honolulu (City & County of), HI (Honolulu Rail Transit) US	US438687UA14	0.2
42	New York State Dormitory Authority US	US64985STE36	0.2
43	Massachusetts Clean Water Trust/The US	US575829PJ93	0.2
44	Illinois (State of) US	US452153JM29	0.2
45	New York (City of), NY US	US64966QGW42	0.2
46	New York (City of), NY Transitional Finance Authority US	US64972HY222	0.2
47	Beverly Hills Unified School District CA US	US088023HZ26	0.2
48	Connecticut (State of) US	US20772KLU15	0.2
49	Massachusetts (Commonwealth of) US	US57582RY755	0.2
50	Conroe Independent School District US	US208418T605	0.2

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04Exposure

Equity 1.3%Bonds 98.7%

By country

USUnited States101.0%

CurrencyUSD 101.0%

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