iShares iBonds Dec 2033 Term Treasury ETF (IBTO)

The iShares iBonds Dec 2033 Term Treasury ETF is a defined-maturity bond fund from BlackRock's iShares lineup. It holds U.S. Treasury notes and bonds that mature between January and mid-December of 2033, following a passive index built around that single maturity year.

Unlike a typical bond fund that keeps rolling into new issues, a term fund such as IBTO is designed to wind down. As its holdings mature in its final year, the fund moves into cash and cash equivalents and then terminates, distributing its remaining assets to shareholders. This structure lets the fund behave somewhat like an individual Treasury bond held to maturity while trading on an exchange like a stock, and it is often used to build bond ladders alongside other iBonds funds with different maturity years.