The iShares National Muni Bond ETF, managed by BlackRock Fund Advisors, is a fund that focuses on investing in tax-exempt, investment-grade municipal bonds across the United States. These bonds are issued by U.S. states and local governments and must have a minimum rating of BBB- or Baa3 by major rating agencies, ensuring a level of investment security. The fund aims to mirror the performance of the ICE AMT-Free US National Municipal Index, selecting bonds through a representative sampling strategy. Launched in 2007, it offers investors a way to gain exposure to the municipal bond market.

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