iShares 7–10 Year Treasury Bond ETF (IEF) is an exchange-traded fund that seeks to track the performance of U.S. Treasury securities with intermediate maturities. The ETF is managed by BlackRock and trades under the ticker IEF on NYSE Arca.
Classified as a U.S. government bond ETF, IEF aims to reflect, before fees and expenses, the performance of the ICE U.S. Treasury 7–10 Year Bond Index.
The fund follows a passive management strategy, maintaining a portfolio designed to replicate the composition and market-value weighting of its benchmark index, which consists of U.S. Treasury securities with remaining maturities between seven and ten years.
The index tracked by IEF includes U.S. Treasury securities selected based on eligibility standards, liquidity requirements, and remaining maturity criteria. Securities are weighted by market value, and the index undergoes periodic reviews to reflect maturities, new issuances, and changes in eligibility rules established by the index provider.
Diversification and exposure
IEF provides concentrated exposure to the U.S. sovereign fixed income market, including:
U.S. Treasury securities.
Federal government debt instruments.
Low credit risk assets.
Intermediate-term bonds.
The exposure is primarily segmented by maturity profile, reflecting the structure of the U.S. public debt market.
Structure and costs
IEF shares trade on the secondary market. Creation and redemption of shares are carried out by authorized participants, a mechanism designed to help keep the ETF’s market price aligned with its net asset value (NAV).
The fund charges a management fee and does not apply a performance fee. IEF makes periodic income distributions derived from interest payments generated by the underlying Treasury securities.
History and evolution of the ETF
iShares 7–10 Year Treasury Bond ETF was launched in 2002, during the early expansion phase of fixed income ETFs in the United States. Over time, the fund has maintained its objective of tracking intermediate-term U.S. Treasury securities, adjusting its portfolio in line with index reviews.
Between 2020 and 2024, the ETF reflected movements in the U.S. government bond market amid shifts in monetary policy and interest rate conditions.