iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) is an exchange-traded fund that seeks to track the investment results of an index composed of investment-grade, U.S. dollar-denominated, tax-exempt municipal bonds issued by U.S. states, state agencies, and local governments that are scheduled to mature or be redeemed on or before December 2, 2028; the fund holds a diversified portfolio of such securities, including top holdings from issuers such as the State of California, New York City Transitional Finance Authority, State of Illinois, New York City, and State of Connecticut, with an expense ratio of 0.18%. Launched in April 2019 and sponsored by BlackRock, Inc. through its iShares brand, headquartered in New York, New York, the ETF operates primarily in the U.S. fixed income market, targeting investors seeking targeted-duration exposure to municipal bonds with predictable maturity profiles for potential use in bond laddering strategies. In recent developments, BlackRock expanded its municipal bond ETF offerings, including the February 2025 launch of the iShares High Yield Muni Active ETF (HIMU) via conversion of its prior high yield municipal fund, and continued growth of the iBonds series with additional UCITS versions and new maturities in investment-grade corporate bonds announced in November 2024, enhancing the overall suite available to investors alongside IBMQ.