CALI

Blackrock Short-Term California Muni Bond ETF seeks to maximize tax-free current income by investing in short-term municipal bonds issued in the State of California. Under normal circumstances, the fund will primarily invest in U.S. dollar-denominated investment-grade short-term fixed- and floating-rate municipal securities issued by California with remaining maturities of five years or less, such as municipal bonds, municipal notes and variable rate demand obligations, as well as money market instruments and registered investment companies. The fund is non-diversified.