IBMT's largest holdings are BlackRock Liquidity Funds MuniCash, State of New Jersey, New Jersey Educational Facilities Authority, NEW YORK CITY OF, GEORGIA ST. The full top list is on this page.

How concentrated is IBMT?

The top 10 holdings are 6.3% of the fund, across 1,580 positions.

The total expense ratio on record is 0.18%. That is cheaper than 65% of the 865 US-listed bond funds we track.

US-listed · United States

IBMT

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, 2031

iShares® iBonds® Dec 2031 Term Muni Bond ETF

US46438G3561 · BlackRock (iShares)

1,580 holdings as of 2026-10-12 · top 10 = 6.3% · TER 0.18%

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Concentration

Well diversifiedtop 10 = 6.3%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,580

as of 2026-10-12

Top 10

6.3%

TER

0.18%

cheaper than 65% of peers

Net assets

US$178M

reported in USD

Largest

1.7%

P / E

–

Sections

Holdings as of 2026-10-12.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

First listed

2025-02-28

Volatility 1Y

3.1%

Tracked index

S&P AMT-Free Municipal Series Callable-Adjusted 2031 Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-10-16

+0.0%

-2.1%

-2.9%

YTD

-3.3%

-3.5%

Trackingfund minus S&P AMT-Free Municipal Series Callable-Adjusted 2031 Index · annualised

1Y return gap

+0.12 pp/yr

1Y tracking error

0.14%

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 2026-10-12

#	Company	Identifier	Weight
1	BlackRock Liquidity Funds MuniCash US	MCSXX	1.7
2	State of New Jersey US	US646039YQ49	0.7
3	New Jersey Educational Facilities Authority US	US646067KD94	0.6
4	NEW YORK CITY OF US	US64966SYJ94	0.6
5	GEORGIA ST US	US373385QZ98	0.6
6	AQUARION WATER AUTHORITY CT US	US03843TAZ49	0.5
7	Los Angeles Unified School District US	US544647HN36	0.4
8	North Texas Tollway Authority US	US66285WBW55	0.4
9	WISCONSIN (STATE OF) US	US97705MZ406	0.4
10	Missouri Joint Municipal Electric Utility Commission US	US606092QD91	0.4
11	County of Montgomery US	US61334PFN87	0.4
12	University of California US	US91412HHY27	0.3
13	City & County of Honolulu US	US438687UB96	0.3
14	County of Prince George's US	US7417018C37	0.3
15	NEW YORK ST TWY AUTH US	US650028F323	0.3
16	Metropolitan Nashville Airport Authority (The) US	US592190TC68	0.3
17	Indianapolis Local Public Improvement Bond Bank US	US45528US510	0.3
18	PENNSYLVANIA ST TPK COMMN OIL US	US709221XR19	0.3
19	CHICAGO IL WTRWKS REVENUE US	US167736W298	0.3
20	State of California US	CAS	0.3
21	New York State Dormitory Authority US	US64990FZQ08	0.3
22	California State Public Works Board US	US13068XBK46	0.3
23	UNIVERSITY OF MICHIGAN US	US914455VM92	0.3
24	University of Utah (The) US	US915183Y922	0.3
25	SACRAMENTO CNTY CA SANTN DISTS US	US786134WX08	0.3
26	City of Corpus Christi Utility System Revenue US	US220245W915	0.3
27	City of New York US	US64966QA670	0.3
28	School District of Broward County US	US115065C362	0.3
29	Allegheny County Sanitary Authority US	US017357S962	0.3
30	City of New York NY US	US64966SSV96	0.3
31	New Jersey Economic Development Authority US	US64577XDR44	0.3
32	New York State Dormitory Authority US	US65000BDC90	0.3
33	County of DeKalb GA Water & Sewerage Revenue US	US240523ZJ26	0.3
34	Idaho Housing & Finance Association US	US45129WPZ76	0.2
35	State of California US	US13063DF527	0.2
36	Virginia College Building Authority US	US92778VKX54	0.2
37	Long Island Power Authority US	US542691EP10	0.2
38	New York City Transitional Finance Authority Future Tax Secured US	US64971XZE11	0.2
39	State of Minnesota US	US60412AWM16	0.2
40	CLARK CNTY NEV WTR RECLAMATION US	US181070GL10	0.2
41	Riverside County Public Financing Authority US	US76912TPH04	0.2
42	New York State Dormitory Authority US	US64990FZN76	0.2
43	Metropolitan Water Reclamation District of Greater Chicago US	US167560VU24	0.2
44	Commonwealth of Massachusetts US	US57582R6P66	0.2
45	City of Milwaukee US	US6023664T08	0.2
46	New York City Transitional Finance Authority Future Tax Secured US	US64971XF378	0.2
47	LOWER COLO RIV AUTH TEX TRANSM US	US54811BA359	0.2
48	Miami University US	US593791KJ46	0.2
49	State of Illinois US	US452153JN02	0.2
50	Volusia County School Board US	US92884EJY41	0.2

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04Exposure

Equity 1.7%Bonds 98.3%

By country

USUnited States100.3%

CurrencyUSD 100.3%

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