Retireful, LLC fully exited its position in iShares iBonds Dec 2028 Term Treasury ETF(IBTI 0.10%), selling 131,807 shares for an estimated $2.95 million, according to an SEC filing for the period ended Q3 2025, filed on October 17, 2025.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated October 17, 2025, Retireful, LLC reported a full liquidation of its holding in iShares iBonds Dec 2028 Term Treasury ETF. The fund sold 131,807 shares, with the estimated trade value totaling $2.95 million. The position previously represented 2.0% of the fund's reportable AUM.
What else to know
The fund sold out of IBTI; the position now accounts for 0% of 13F AUM.
Top holdings after the filing:
- SPY: $11.28 million, representing 10.9% of AUM
- GBIL: $3.92 million, representing 3.8% of AUM
- BIL: $3.57 million, representing 3.45% of AUM
- JPST: $3.36 million, representing 3.24% of AUM
- USFR: $2.49 million, representing 2.4% of AUM
As of October 21, 2025, shares of IBTI were priced at $22.46, up 2.47% YTD, trailing the S&P 500 by 12 percentage points over the past year; IBTI's current annualized dividend yield is 3.87%.
Company overview
| Metric | Value |
|---|---|
| Price (as of October 21,2025) | $22.46 |
| Dividend yield | 3.87% |
| YTD return | 2.47% |
Company snapshot
- The investment strategy focuses on tracking an index of U.S. Treasury securities maturing in 2028.
- Portfolio is composed primarily of U.S. Treasury bonds scheduled to mature between January 1, 2028, and December 15, 2028, with at least 90% of assets in these securities.
- It is structured as a term ETF with a defined maturity date.
- The fund is designed to provide a blend of income and capital preservation by holding U.S. Treasury securities that mature in 2028. Its structure allows investors to access a specific segment of the yield curve with transparency and a predictable maturity profile. The ETF provides exposure to U.S. government debt with a defined maturity date, making it suitable for liability-driven strategies and laddered bond portfolios.
Foolish take
Retireful, LLC just sold off its entire $2.95 million stake in the iShares iBonds Dec 2028 Term Treasury ETF (IBTI). This looks like a strategic move to focus on shorter-term or more flexible bond investments, especially since Treasury yields are still pretty high.
By getting rid of this fund, which had a set maturity date of 2028, Retireful seems to be aiming to stay quick and adaptable in a confusing interest rate market. Term ETFs like IBTI are great for investors who like a guaranteed payout date and steady income, but as the bond market reacts to changing inflation and what the Federal Reserve might do, longer-dated bonds may carry extra risk.
IBTI has only gained a modest 2.5% this year, which is less than the S&P 500, showing how hard it's been for many bond investors to make meaningful money in 2025. Retireful's exit is probably just a smart rebalancing move—freeing up cash for better-paying or shorter-term options while keeping their overall conservative, income-focused investing style.
Glossary
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding assets like stocks or bonds.
Term ETF: An ETF with a fixed maturity date, after which it returns principal to investors.
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC if above a certain threshold.
AUM (Assets Under Management): The total market value of assets a fund or manager oversees.
Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its price.
Trailing twelve-month (TTM) dividend yield: Dividend yield calculated using dividends paid over the past 12 months.
Yield curve: A graph showing yields of bonds with equal credit quality but different maturities.
Capital preservation: An investment goal focused on preventing loss of principal.
Liability-driven strategies: Investment approaches designed to match future liabilities, often used by pension funds.
Laddered bond portfolio: A bond investment strategy where bonds mature at regular intervals to manage interest rate risk.
Defined maturity date: The specific date when a bond or term ETF returns principal to investors.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
