BMN ETF — Blackrock 2037 Municipal Target Term Trust

Blackrock 2037 Municipal Target Term Trust (BMN)

BMN is a low-cost ETF. As of August 19, 2026, its distribution rate is 4.41%, its trailing-12-month yield is 4.79%. Dividend Vision Distribution Safety Score™ is 99/100 (Safe). Fund total return is 18.9% over the past 3.8 years, 88.4 points behind SPY at 107.3%.

At the current 4.41% distribution rate, a $10,000 investment would generate approximately $441 per year, or $36.75 per month on an equivalent basis.

BlackRock 2037 Municipal Target Term Trust is a closed-end fund that invests primarily in investment-grade municipal securities rated BBB- or above (or equivalent), with a target maturity around 2037. The fund distributes monthly income at a current distribution rate in the mid-range and carries no publicly listed expense ratio. It appeals to income-focused investors seeking tax-advantaged municipal bond exposure with a defined time horizon.

BMN performance versus SPY

Data as of August 19, 2026.

Fund total return is 18.9% over the past 3.8 years, 88.4 points behind SPY at 107.3%. Its deepest 1-year drawdown was 8.2%.

BMN key facts

Data as of August 19, 2026.

Distribution Safety Score™

99 · Safe

Safety-Adjusted Yield

4.37%

Issuer

BlackRock

Asset type

ETF

Asset class

Fixed Income

Inception date

10/28/2022

Distribution rate

4.41%

Distribution frequency

Monthly

Trailing yield

4.79%

Last close

$25.50

Market cap

$156,765,152

Average volume

2950.0

Last dividend

$0.0938

Ex-dividend date

09/15/2026

Payment date

10/01/2026

Payout ratio

0.9615

P/E ratio

21.7949

EPS

$1.17

How Dividend Vision calculates yield and returns

Distribution rate (4.41%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (4.79%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. We show a 30-day SEC yield when the fund publishes one. Schwab and other issuers may report a TTM distribution yield or SEC yield on a different date — all can be valid; they are not interchangeable. Fund total return uses split-adjusted close with distributions reinvested from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is what the fund did, not your personal gain/loss. Figures below use Dividend Vision data as of August 19, 2026.

Distribution rate methodology · Distribution Safety Score methodology · SEC yield

Sources and review

Data as of August 19, 2026.

Primary sources: BlackRock; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

BMN risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 8.2%.

Who may consider BMN — and who may not

BMN may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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