IBTI Fees and Costs — iShares iBonds Dec 2028 Term Treasury ETF
Data updated: 2026-09-25
The net expense ratio is 0.07%. There are no sales loads or redemption fees. Portfolio turnover was 57%.
IBTI Fees and Expenses
Annual operating expenses and sales charges of IBTI. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.07% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.07% |
| Fee waiver | — |
| Net expense ratio | 0.07% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
IBTI Costs Over Time
On $10,000 invested in IBTI, assuming 5% a year before costs, total costs come to $45 over 5 years, cutting the return by 0.07% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.07%) | $7 | $23 | $41 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $7 | $24 | $45 |
| Value after costs | $10,493 | $11,552 | $12,718 |
| Impact on return, per year | 0.07% | 0.07% | 0.07% |
IBTI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.8B
- Portfolio turnover (prospectus): 57%
- Securities lending: none during the year
IBTI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $368.3M | 23.48% |
| Citadel Securities LLC | $290.7M | 18.53% |
| Goldman Sachs & Co. LLC | $259.3M | 16.53% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $241.7M | 15.41% |
| National Securities Clearing Corp. | $100.3M | 6.40% |
| BlackRock Liquidity Funds T-Fund | $79.4M | 5.06% |
| Wells Fargo Securities, LLC | $68.7M | 4.38% |
| Nomura Securities International, Inc. | $60.8M | 3.88% |
| Citigroup Global Markets Inc. | $52.1M | 3.32% |
| BofA Securities, Inc. | $47.5M | 3.03% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.