iShares Trust – iShares iBonds 2032 Term High Yield and Income ETF is a U.S.-listed exchange-traded fund that seeks to track the investment results of the Bloomberg 2032 Term High Yield and Income Index. The fund provides exposure to a diversified portfolio of U.S.-dollar-denominated corporate debt securities, including high-yield bonds and BBB-rated investment-grade corporate bonds, with scheduled maturities in 2032; it is designed to provide a defined-maturity fixed-income investment vehicle, monthly income distributions, and a liquidation/termination profile aligned with its 2032 target year. The ETF’s portfolio primarily comprises corporate bonds issued by companies across sectors and is principally exposed to North American issuers, with additional developed European and other international holdings. Shares trade on Cboe BZX under the ticker IBHL. The fund is part of the iShares iBonds ETF range and is sponsored by iShares Trust, an investment-company complex affiliated with BlackRock, Inc., a global asset manager headquartered in New York, New York. IBHL was launched on March 25, 2025, carries a 0.35% management fee, and uses an index-tracking investment approach. As of September 2026, the fund holds approximately 217 securities, has net assets of approximately $28.8 million, distributes income monthly, and is expected to terminate in December 2032; its most recent major development is its 2025 launch as a new defined-maturity high-yield and income ETF expanding iShares’ iBonds lineup for investors seeking corporate-bond exposure with a 2032 maturity target.