iShares Trust - iShares iBonds Dec 2034 Term Muni Bond ETF
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- iShares iBonds Dec 2034 Term Muni Bond ETF is a U.S.-listed, fixed-income exchange-traded fund series of iShares Trust that seeks to track, before fees and expenses, the investment results of the S&P AMT-Free Municipal Series Callable-Adjusted 2034 Index. The Fund provides exposure to investment-grade, tax-exempt U.S. municipal bonds issued by state and local governments and related agencies, with securities generally expected to mature or be redeemed before December 2, 2034. Its portfolio includes municipal revenue and general-obligation bonds meeting minimum credit-quality requirements of BBB-/Baa3/BBB- from S&P Global Ratings, Moody’s or Fitch, as applicable; it excludes bonds issued by U.S. territories and Puerto Rico. The Fund generally targets municipal securities whose interest payments are exempt from U.S. federal income tax, the federal alternative minimum tax and the 3.8% federal Medicare contribution tax on net investment income, although tax-exempt treatment is not guaranteed. The Fund employs a representative-sampling indexing strategy and normally invests at least 80% of assets in component securities of its underlying index and at least 90% in eligible fixed-income securities; it may use limited futures, options, swaps and other instruments to facilitate index tracking. Shares trade on Cboe BZX under the ticker IBMW and are purchased and sold in the secondary market through broker-dealers. The Fund makes monthly distributions and is managed by BlackRock Fund Advisors, an affiliate of BlackRock, Inc.; Jonathan Graves, James Mauro and Marcus Tom serve as portfolio managers. IBMW was launched on April 7, 2026, as part of BlackRock’s iShares iBonds fixed-maturity municipal-bond ETF platform, and carries a 0.18% management fee and total annual operating expense ratio. As its December 2034 target termination approaches, the portfolio is designed to transition toward cash and cash-equivalent instruments as holdings mature or are redeemed; the Fund is expected to wind up, liquidate and distribute net assets to shareholders on or about December 2, 2034, subject to possible extension by the iShares Trust Board of Trustees. The principal recent development is the Fund’s 2026 launch and commencement of trading, expanding iShares’ fixed-maturity municipal ETF lineup with a 2034-dated product.