IBMV

The iShares iBonds Dec 2033 Term Muni Bond ETF seeks to track the investment results of an index composed of investment- grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2033. The Fund seeks to track the investment results of the S&P AMT- Free Municipal Series Callable-Adjusted 2033 Index, which is a market-value-weighted index that seeks to measure the performance of investment-grade, tax-exempt, U.S. municipal bonds, reducing callable bonds before 2033, and only including non-callable bonds maturing in 2033. As of December 31, 2025, there were 7,609 issues in the Underlying Index. The Underlying Index includes municipal bonds from issuers that are U.S. state, federal district, or local government or agency such that the interest on the bonds is exempt from U.S. federal income taxes and the federal alternative minimum tax. Bonds issued by U.S. territories and the Commonwealth of Puerto Rico are excluded from the Underlying Index. Each bond must have a rating of at least BBB- by S&P Global Ratings, Baa3 by Moody's Investors Service, Inc., or BBB- by Fitch Ratings, Inc. Each bond must be rated by at least one of the rating agencies. The Index Provider will use the lowest rating in determining if a bond is investment grade.