iShares Short-Term National Muni Bond ETF (SUB)

The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

The Fund seeks to track the investment results of the ICE® Short Maturity AMT-Free US National Municipal Index (the “Underlying Index”), which measures the performance of short maturity 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. BFA uses an indexing approach and a representative sampling indexing strategy to manage the Fund. The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund.