| Investment Objective: |
The iShares Short Duration High Yield Muni Active ETF (the "Fund") primarily seeks to maximize tax-free current income and secondarily seeks to maximize capital appreciation with a portfolio composed principally of high yield and other income- generating U.S. municipal bonds. The Fund seeks to achieve its objectives by investing at least 80% of its assets in municipal bonds. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. Under normal market conditions, the Fund will seek to maintain an investment portfolio with a weighted average effective duration of less than 5 years. The Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds. Fund management intends to invest at least 65% of the Fund's net assets in medium- to low-quality bonds. Obligations rated below BBB or Baa are commonly known as "junk bonds." |
