As part of iShares' AMT-Free Muni Term ETF suite,IBMObehaves more like a bond than a typical bond fund. The fund provides bullet maturityin this case December 2026instead of perpetual exposure to a maturity pocket of the muni space. As the fund matures, its maturity, duration, and YTM will decline. On its target date,IBMOwill unwind and return all capital to the investors. Coupon payments received from underlying securities are exempted from both the federal income tax and the alternative minimum tax. As such,IBMOcan be a component of a tax-exempted bond ladder. Its low fee is competitive with most funds in the funds in this space.