Fund Description: iShares iBonds Dec 2025 Term Muni Bond ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the iShares Trust, an open-end investment management company. <p> INVESTMENT OBJECTIVE: The iShares iBonds Dec 2025 Term Muni Bond ETF seeks to track the investment results of the S&P AMT-Free Municipal Series Dec 2025 Index, which measures the performance of investment-grade, tax-exempt U.S. municipal bonds maturing in 2025.<p> INDEX DESCRIPTION: The S&P AMT-Free Municipal Series Dec 2025 Index is a market-value-weighted index that seeks to measure the performance of non-callable investment-grade, tax-exempt U.S. municipal bond securities that mature in 2025.<p> FUND STRATEGY: The Fund seeks to track the investment results of the S&P AMT-Free Municipal Series Dec 2025 Index which measures the performance of investment-grade (as determined by S&P Dow Jones Indices LLC tax-exempt U.S. municipal bonds maturing in 2025. As of October 31, 2020, there were 7,163 issues in the Underlying Index. The Underlying Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from U.S. federal income taxes and the federal alternative minimum tax. 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. and must have a minimum maturity par amount of $2 million to be eligible for inclusion in the Underlying Index. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry <p> .FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.