BlackRock launches iShares Short Maturity Municipal Bond ETF

By Toni Weeks

San Luis Obispo, Calif., March 5 – BlackRock, Inc. announced it has launched its new iShares Short Maturity Municipal Bond ETF, according to a press release.

As previously reported, the exchange-traded fund, a series of iShares U.S. ETF Trust, seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities whose interest is exempt from U.S. federal income taxes and the federal alternative minimum tax. The fund normally invests in dollar-denominated investment-grade, short-term, fixed- and floating-rate municipal securities with remaining maturities of five years or less. Generally, the fund’s effective duration will be 1.2 years or less and is not expected to exceed 1.5 years.

The fund trades on the BATS exchange under the symbol “MEAR.”

Scott Radell and William Henderson are the portfolio managers.

There are no shareholder fees. Including management fees of 0.25%, and taking into account the effects of a fee waiver agreement, total annual fund operating expenses are expected to be 0.25%.

San Francisco-based BlackRock Fund Advisors serves as the fund’s investment adviser.

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