| Investment Objective: |
The investment objective of iShares High Yield Muni Active ETF (the "Fund") is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund. Fund seeks to achieve its objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds. The Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. The Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds. Although the Fund may invest in municipal bonds in any rating category, Fund management presently intends to invest at least 65% of the Fund's net assets in medium- to low-quality bonds. The Fund will primarily invest in municipal bonds that have a maturity of five years or longer. |
