Fund Description: iShares iBonds Dec 2028 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 2028 Term Muni Bond ETF seeks to track the investment results of the S&P AMT-Free Municipal Callable Factor Adjusted 2028 Series Index. <p> INDEX DESCRIPTION: The S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index 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 2028, and only including non-callable bonds maturing in 2028. <p> FUND STRATEGY: The Fund generally will invest at least 90% of its assets in the component securities of the Underlying Index, except during the last months of the Fund's operations, as described below, and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (“BlackRock Cash Funds”), as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in the component securities of the Underlying Index, and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents. By December 2, 2028, the Underlying Index is expected to consist entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders.<p> FUND MANAGEMENT: BlackRock Fund Advisors as the Investment Adviser to the Fund.