IBMN is part of the iBonds AMT-Free Muni Bond series, and behaves more like a bond than a typical bond fund. The fund provides bullet maturity--in this case December 2025--instead of perpetual exposure to a maturity pocket of the muni space. As the fund matures, its maturity, duration, and YTM will continue to decline. On its target date, IBMN will unwind and return all capital to investors. Coupon payments received from underlying securities are exempted from both the federal income tax and the alternative minimum tax. As such, IBMN can be used as a building block for a tax-exempted bond ladder.