Listed April 13, 2017
The iShares iBonds Dec 2023 Term Muni Bond ETF seeks to track the investment results of the S&P AMT-Free Municipal Series Dec 2023 IndexTM (the Underlying Index), which measures the performance of investment-grade (as determined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI)), non-callable U.S. municipal bonds maturing in 2023. The Underlying Index includes municipal bonds primarily from issuers that are state or local governments or agencies such that the interest on the bonds is exempt from U.S. federal income taxes. Each bond included in the Underlying Index must have a rating of at least BBB- by S&P Global Ratings, Baa3 by Moodys Investors Service, Inc. (Moodys), or BBB- by Fitch Ratings, Inc., must have a minimum maturity par amount of $2 million, and must not be subject to the federal alternative minimum tax (AMT). To remain in the Underlying Index, bonds must maintain a minimum par amount greater than or equal to $2 million as of each rebalancing date. All bonds in the Underlying Index will mature after December 31, 2022 and before December 2, 2023. When a bond in the Underlying Index matures or is pre-refunded, the bond does not accrue interest past the maturity or pre-refunded date.
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iShares is the global product leader in exchange traded funds with over 600 funds globally across equities, fixed income and commodities, which trade on 20 exchanges worldwide. The iShares Funds are bought and sold like common stocks on securities exchanges. The iShares Funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost and trading flexibility. Investors can purchase and sell shares through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. The iShares customer base consists of the institutional segment of pension plans and fund managers, as well as the retail segment of financial advisors and high net worth individuals.