iShares iBonds 2033 Term High Yield and Income ETF (IBHM)

The iShares iBonds 2033 Term High Yield and Income ETF (IBHM) is a target-maturity bond fund from BlackRock's iShares that holds U.S. dollar-denominated high-yield and other income-oriented corporate bonds maturing in 2033.

The fund tracks an index composed mainly of below-investment-grade corporate bonds, together with some lower-rated investment-grade (BBB) bonds, that mature or are expected to be redeemed in its target year. It is designed to terminate in December 2033, when it distributes its remaining assets to shareholders, rather than rolling into new bonds indefinitely.

The structure combines the higher income typical of lower-rated corporate debt with a defined maturity date, allowing investors to use it in bond ladders much like individual bonds held to maturity.