2022 Prospectus |
• | BlackRock Intermediate Muni Income Bond ETF | INMU | NYSE ARCA |
Ticker: INMU | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||
Management Fees1,2 |
Distribution and Service (12b-1) Fees |
Other Expenses |
Total
Annual Fund Operating Expenses |
Fee Waiver1,2 |
Total
Annual Fund Operating Expenses After Fee Waiver1,2 | |||||
( |
1 | |
2 |
1 Year | 3 Years | 5 Years | 10 Years | |||||
$ |
$ |
$ |
$ |
■ | Credit Quality of Issuers — based on bond ratings and other factors, including economic and financial conditions. |
■ | Yield Analysis — takes into account factors such as the different yields available on different types of obligations and the shape of the yield curve (longer-term obligations typically have higher yields). |
■ | Maturity Analysis — the weighted average maturity of the portfolio will be maintained within a desirable range as determined from time to time. Factors considered include portfolio activity, maturity of the supply of available bonds and the shape of the yield curve. Maturity of a debt security refers to the date upon which debt securities are due to be repaid, that is, the date when the issuer generally must pay back the face amount of the security. |
■ | Duration Analysis — the average portfolio duration of the portfolio will generally be maintained within a range as determined from time to time. Duration is a measure, expressed in years, of the price sensitivity of a bond or a portfolio to changes in interest rates. Factors considered include interest rates, economic environment, Federal Reserve policy, market conditions, and characteristics of a particular security. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund’s securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
BlackRock Intermediate Muni Income Bond ETF | |||
Year
Ended 07/31/22 |
Period
From 03/16/21(a) to 07/31/21 | ||
Net asset value, beginning of period | $25.74 | $25.00 | |
Net investment income(b) | 0.34 | 0.09 | |
Net realized and unrealized gain (loss)(c) | (1.67) | 0.71 | |
Net increase (decrease) from investment operations | (1.33) | 0.80 | |
Distributions(d) | |||
From net investment income | (0.32) | (0.06) | |
From net realized gain | (0.07) | — | |
Total distributions | (0.39) | (0.06) | |
Net asset value, end of period | $24.02 | $25.74 | |
Total Return(e) | |||
Based on net asset value | (5.21)% | 3.22%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.40% | 0.40%(h) | |
Total expenses after fees waived | 0.30% | 0.29%(h) | |
Net investment income | 1.36% | 0.99%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $33,628 | $25,735 | |
Portfolio turnover rate(i) | 30% | 25%(f) | |
(a) Commencement of operations. | |||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |||
(e) Where applicable, assumes the reinvestment of distributions. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-474-2737 (toll free) |
Write: | c/o
BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |