iShares® iBonds® ETFs Near Final Distribution Dates

October 15, 2025 at 16:51 PM EDT

BlackRock announced today the planned termination of three iShares iBonds ETFs, which include the following timelines for trading, net-asset value (NAV) calculation and expected liquidation:

Ticker	Fund name	Exchange	Last day of trading	Final NAV calculation date	Liquidation date
IBDQ	iShares® iBonds® Dec 2025 Term Corporate ETF	NYSE Arca	12/15/25	12/15/25	12/18/25
IBTF	iShares® iBonds® Dec 2025 Term Treasury ETF	NASDAQ	12/15/25	12/15/25	12/18/25
IBHE	iShares® iBonds® 2025 Term High Yield and Income ETF	Cboe BZX	12/15/25	12/15/25	12/18/25

iBonds ETFs are designed to cease trading and mature during a specific maturity window like an individual bond. Leading up to the ETF’s final distribution date, the bonds held by the iBonds ETF mature, and the ETF transitions into short-term instruments and cash. Shareholders will receive their proceeds from the liquidation on or around the listed liquidation date, based on their brokerage’s processes.

iBonds ETFs are offered in treasuries, municipals, investment grade and high yield corporates. iShares iBonds ETFs can help market participants build bond ladders and enhance diversification in their portfolios.

About BlackRock

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About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1,600+ exchange traded funds (ETFs) and over $4.7 trillion in assets under management as of June 30, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments.

There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.

The iShares® iBonds® ETFs (“Funds”) will terminate in October or December of the year in each Fund’s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. Unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, the Fund(s) will make distributions of income that vary over time. In the final months of each Fund’s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds.

Following the Fund’s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds’ distributions and liquidation proceeds are not predictable at the time of investment and the Funds do not seek to return any predetermined amount.

The rate of Fund distribution payments may adversely affect the tax characterization of an investor’s returns from an investment in the Fund relative to a direct investment in bonds. If the amount an investor receives as liquidation proceeds upon the Fund’s termination is higher or lower than the investor’s cost basis, the investor may experience a gain or loss for tax purposes.

Buying and selling shares of ETFs may result in brokerage commissions.

Diversification and asset allocation may not protect against market risk or loss of principal.

This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Similarly, the material does not constitute, and should not be relied on as, legal, regulatory, accounting, tax, investment, trading or other advice. Any financial, tax, or legal information contained herein is included for informational purposes only.

This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial professional before making an investment decision.

Prepared by BlackRock Investments, LLC, member FINRA.