Retireful Sells Off 132K IBTI Shares Valued as $2.95 Million

Retireful, LLC fully exited its position in iShares iBonds Dec 2028 Term Treasury ETF(NASDAQ:IBTI), 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

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.

Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.