iShares iBonds Dec 2032 Term Treasury ETF (IBTM) is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. Treasury bonds maturing between January and December 2032; the fund holds a portfolio primarily consisting of United States Treasury securities, including notes with coupons such as 4.125%, 2.875%, 1.875%, and 2.75%, representing approximately 99.84% of assets under management; it employs a representative sampling strategy and plans to terminate in December 2032, distributing its net assets to shareholders at that time. Managed by BlackRock with an expense ratio of 0.07%, IBTM operates in the fixed income segment targeting investors seeking defined-maturity exposure to U.S. Treasuries; it distributes income semi-annually and is available on U.S. exchanges like Nasdaq. Launched on July 6, 2022, the ETF is domiciled in the United States and forms part of BlackRock's iShares iBonds suite, with the parent company headquartered in New York. No major changes, such as partnerships, acquisitions, funding rounds, new product launches, or strategic shifts, have been reported for IBTM in the last 1-2 years as of December 2025.