| Investment Objective: |
The iShares Long-Term National Muni Bond ETF (the "Fund") seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds with remaining maturities of 12 years or more. The Fund seeks to track the investment results of the ICE AMT-Free US Long National Municipal Index (the "Underlying Index"), which measures the performance of U.S. dollar denominated investment grade tax- exempt debt publicly issued in the U.S. domestic market by U.S. states and their political subdivisions. The Underlying Index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax. A bond must be rated at least BBB in order to qualify for the Underlying Index, and the lowest rating will be used in determining if the bond is investment grade. The Underlying Index is a market-value weighted index and is subject to a capping methodology that aims at reducing index concentration. |
