iShares® announced today that the iShares 2012 S&P AMT-Free Municipal Series ETF (NYSE: MUAA) will mature on August 15, 2012. Individual bonds in the exchange traded fund (ETF) have begun to mature and the fund will transition into short-term, tax-exempt instruments and cash until August 15, when the ETF will close and cease trading at the end of the day. Remaining shareholders will receive the entire amount of their proceeds in cash on or after August 21, subject to their brokerage processes.
The iShares 2012 S&P AMT-Free Municipal Series ETF is the first iShares Municipal Series ETF to mature. The other five iShares ETFs in the series have end dates ranging from 2013 to 2017. iShares has filed registration statements with the U.S. Securities and Exchange Commission (SEC) that would expand the suite of iShares S&P AMT-Free Municipal Series ETFs to include funds with 2018 and 2019 end dates. These funds are pending SEC review and therefore are not yet available to the public.
“The iShares S&P AMT-Free Muni Series was created to offer investors a bond-like experience, via a tradeable ETF. Fund shareholders receive monthly income distributions and a maturity distribution with the added benefits found in the ETF structure, such as a diversified portfolio of bonds, transparency of holdings and pricing, and trading flexibility,” said Matthew Tucker, Head of iShares Fixed Income Strategy at BlackRock. “As the iShares 2012 Municipal Series ETF is the first of the series to reach maturity, we plan to introduce additional ETFs to the iShares series.”
About the iShares S&P AMT-Free Municipal SeriesThe six existing 2012 - 2017 iShares S&P AMT-Free Municipal Series funds are designed to offer investors access to benefits of both ETFs and bonds. As an ETF, each fund contains a diversified set of securities tracking the S&P AMT-Free Municipal Series 2012 Index, and can be bought and sold daily on an exchange. Like a bond, each fund has a pre-determined date when the fund will close and distribute all proceeds out to shareholders. The funds are designed to provide a yield to maturity (YTM) profile comparable to that of the underlying bond portfolio.
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