iShares Trust - iShares iBonds Dec 2033 Term Muni Bond ETF (Cboe BZX: IBMV) is a U.S. fixed-income exchange-traded fund that seeks to track the investment results of the S&P AMT-Free Municipal Series Callable-Adjusted 2033 Index, an index composed primarily of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2033. The fund provides investors with diversified exposure to tax-exempt municipal debt securities issued by state and local governments and related public-purpose entities; offers a defined-maturity investment vehicle intended to support bond-ladder construction and interest-rate-risk management; and makes monthly distributions. Its portfolio includes municipal revenue and general-obligation bonds, including securities associated with environmental facilities, public works, transportation, educational institutions, and municipal finance authorities, with exposure across California, Texas, New York, Florida, Washington, Pennsylvania, Ohio, Illinois, Arizona and Utah, among other U.S. jurisdictions. The fund is managed within the iShares platform of BlackRock and is distributed by BlackRock Investments, LLC. Launched on March 25, 2026, IBMV is listed on Cboe BZX, carries a 0.18% expense ratio and management fee, and is designed to terminate in December 2033; during its final months, the portfolio is expected to transition from maturing municipal bonds into cash and cash-like instruments before distributing substantially all net assets to shareholders and ceasing trading. The principal recent strategic development is the fund’s March 2026 launch as an additional defined-maturity municipal-bond offering in BlackRock’s iShares iBonds Muni ETF range.