ishares Municipal Bond ETF Offerings Dominic Maister ishares Due Diligence Team FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION
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1 ishares Municipal Bond ETF Offerings Dominic Maister ishares Due Diligence Team FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION
2 ishares offers the broadest lineup of Municipal Bond ETFs Fund Name and Ticker ishares S&P National AMT-Free Municipal Bond Fund (MUB) ishares S&P Short-term AMT-Free Municipal Bond Fund (SUB) ishares S&P California AMT-Free Municipal Bond Fund (CMF) ishares S&P New York AMT-Free Municipal Bond Fund (NYF) ishares 2012 S&P AMT-Free Muni Series (MUAA) ishares 2013 S&P AMT-Free Muni Series (MUAB) ishares 2014 S&P AMT-Free Muni Series (MUAC) ishares 2015 S&P AMT-Free Muni Series (MUAD) ishares 2016 S&P AMT-Free Muni Series (MUAE) ishares 2017 S&P AMT-Free Muni Series (MUAF) Total Assets ($MM) National Municipal Bond ETFs $1,953.4 $409.3 State Specific Municipal Bond ETFs $198.8 $75.3 Target End-Date Municipal Bond ETFs $30.1 $27.8 $25.3 $23.0 $17.7 $ Day Avg Daily Volume $14.7 $2.6 $1.3 $0.9 $0.2 $0.2 Duration Day SEC Yield 3.47% 0.95% 3.61% 3.47% 0.39% 0.81% 1.24% 1.60% 2.04% 2.44% Tax Equivalent 30-Day SEC Yield 5.34% 1.46% 6.14% 5.86% 0.61% 1.25% 1.90% 2.46% 3.13% 3.76% # of Bonds 1, Past performance does not guarantee future results. For standardized fund performance, please see slide 3. Source: BlackRock as of 4/01/2011. Holdings are subject to change. Note: Tax equivalent SEC yield calculated using highest marginal tax rate based on federal and state tax rates FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 2
3 ishares Municipal Bond ETFs: Standardized Performance as of 3/31/ Year 3 Year Since Inception Fund Name and Ticker Inception Expense Market NAV Market Price NAV Market Price NAV Date Ratio Price National Municipal Bond ETFs ishares S&P National AMT-Free Municipal Bond Fund (MUB) 9/7/ % 0.54% -0.10% 3.88% 3.52% 3.52% 3.38% ishares S&P Short-term AMT-Free Municipal Bond Fund (SUB) 11/5/ % 1.58% 1.30% N/A N/A 3.27% 3.21% State Specific Municipal Bond ETFs ishares S&P California AMT-Free Municipal Bond Fund (CMF) 10/4/ % 0.60% -0.48% 3.77% 3.21% 3.40% 3.15% ishares S&P New York AMT-Free Municipal Bond Fund (NYF) 10/4/ % 0.57% 1.49% 3.73% 3.62% 3.46% 3.82% Target End-Date Municipal Bond ETFs ishares 2012 S&P AMT-Free Muni Series (MUAA) 1/7/ % 1.32% 0.31% N/A N/A 1.12% 0.96% ishares 2013 S&P AMT-Free Muni Series (MUAB) 1/7/ % 2.16% 1.87% N/A N/A 1.81% 2.09% ishares 2014 S&P AMT-Free Muni Series (MUAC) 1/7/ % 2.55% -0.19% N/A N/A 2.21% 2.38% ishares 2015 S&P AMT-Free Muni Series (MUAD) 1/7/ % 3.02% 1.44% N/A N/A 2.89% 3.28% ishares 2016 S&P AMT-Free Muni Series (MUAE) 1/7/ % 3.91% 3.01% N/A N/A 3.53% 3.88% ishares 2017 S&P AMT-Free Muni Series (MUAF) 1/7/ % 3.91% 3.01% N/A N/A 3.83% 4.20% The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling toll-free iShares ( ) or by visiting Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ishares Funds), and do not represent the returns you would receive if you traded shares at other times. FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION 3
4 Carefully consider the ishares Funds investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds prospectuses, which may be obtained by calling iShares ( ) or by visiting Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. A portion of the Fund s income may be subject to federal or state income taxes or the alternative minimum tax. Capital gains, if any, are subject to capital gains tax. Federal or state change in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. The ishares S&P AMT-Free Municipal Series ( Muni Series ) ETFs may be subject to geographic or asset class risk. The Muni Series ETFs are subject to credit risk, which refers to the possibility that the debt issuers will not be able to make principal and interest payments. Shares of the Muni Series ETFs trade at market price, which may be greater or less than net asset value. Each Muni Series ETF ( Fund ) will terminate on or about August 31 of the year in the Fund s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. In the final months of the Fund s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. Following the Fund s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds do not seek to return any predetermined amount. During the final three months prior to the Fund s planned termination date, its yield will generally tend to move toward prevailing tax-exempt money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. The rate of Fund distribution payments may adversely affect the tax characterization of an investor s returns from an investment in the Fund relative to a direct investment in municipal bonds. If the amount an investor receives as liquidation proceeds upon the Fund s termination is higher or lower than the investor s cost basis, the investor may experience a gain or loss for tax purposes. 4
5 The information provided is not intended to be a complete analysis of every material fact respecting any strategy and has been presented for educational purposes only. Asset allocation models and diversification do not promise any level of performance or guarantee against loss of principal. Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Mutual funds and ishares Funds are obliged to distribute portfolio gains to shareholders by year-end. These gains may be generated due to index rebalancing or to meet diversification requirements. Trading shares of the ishares Funds will also generate tax consequences and transaction expenses. Certain traditional mutual funds can be tax efficient as well. When comparing stocks or bonds and ishares Funds, it should be remembered that management fees associated with fund investments, like ishares Funds, are not borne by investors in individual stocks or bonds. The annual management fees of ishares Funds may be substantially less than those of most mutual funds. Buying and selling shares of ishares Funds will result in brokerage commissions, but the savings from lower annual fees can help offset these costs. Neither BlackRock Institutional Trust Company, N.A., and its affiliates nor SEI and its affiliates provide tax advice. Please note that (i) any discussion of US tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor. Index returns are for illustrative purposes only and do not represent actual ishares Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 5
6 The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., European Public Real Estate Association ( EPRA ), FTSE International Limited ( FTSE ), iboxx, JPMorgan Chase & Co., MSCI Inc., Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts ( NAREIT ), New York Stock Exchange, Inc., Russell Investment Group or Standard & Poor s, nor are they sponsored, endorsed or issued by Barclays Capital. None of these companies make any representation regarding the advisability of investing in the Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the companies listed above. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/Retail/ Mortgage or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-us/north America/Europe/Asia Index; all rights vest in FTSE, NAREIT and EPRA. All rights in the FTSE Developed Small Cap ex-north America Index vest in FTSE. FTSE is a trademark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. The ishares Funds are distributed by SEI Investments Distribution Co. ( SEI ). BlackRock Fund Advisors ( BFA ) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI BlackRock Institutional Trust Company, N.A. All rights reserved. ishares is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. is Not FDIC Insured No Bank Guarantee May Lose Value 6
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