Common use of Establishment of Series Clause in Contracts

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series shall be BlackRock High Yield Muni Income Bond ETF. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any Series or Classes of Shares (including the initial Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes as the Trustees may from time to time determine, to divide and combine the Shares of any Series or Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes into one or more Series or Classes, to abolish any one or more Series or Classes or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. A Series may issue any number of Shares and need not issue Shares. The Trustees shall have the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classes. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series or Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series and Class, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder of a Series shall be entitled to receive such Shareholder’s pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series shall be BlackRock High Yield Muni Income Bond ETF. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series or Classes of Shares (including the or any classes of initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares of the Trust or any Series or Classes class into Shares of one or more Series or Classesclasses (whether the Shares to be classified or reclassified are issued and outstanding or unissued and whether such Shares constitute part or all of the Shares of the Trust or such Series or class), to abolish any one or more Series or Classes classes of Shares or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes class thereof shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Classclass, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class class including any Registration StatementStatement of the Trust, any amendment and/or restatement of this Trust Instrument Agreement or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) each class thereof shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Classclass. A Series may issue any number of Shares and need not issue Shares. The Trustees shall have the authority, without the approval of the Shareholders of the Trust or any Series or Class class thereof unless otherwise required by applicable federal law, (a) to combine the assets and liabilities held with respect to any two or more Series or Classes classes into assets and liabilities held with respect to a single Series or Class class and in connection therewith to cause the Shareholders of each such Series or Class class to become Shareholders of such single Series or Class class and (b) to divide the assets and liabilities held with respect to any Series or Class class thereof into assets and liabilities held with respect to an additional one or more Series or Classes classes and in connection therewith to cause some or all of the Shareholders of such Series or Class class to be admitted as Shareholders of such additional one or more Series or Classesclasses. All references to Shares in this Trust Instrument Agreement shall be deemed to be Shares of any or all Series Series, or Classesclasses thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s his pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series and separate and distinct records shall be maintained by the Trust of each Series and the assets associated with any such Series shall be BlackRock High Yield Muni Income Bond ETFheld and accounted for separately from the assets of the Trust or any other Series. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series or Classes of Shares (including the or any classes of initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classesclasses of Shares, to abolish any one or more Series or Classes or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets by a majority of the Trustees setting forth such establishment and designation and the designation of, or otherwise identifies, relative rights and preferences of the Shares of such Series or ClassSeries, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing Shares of such Series or Classincluding, without limitation, any registration statement of the Trust. A Series may issue any number of Shares and need not issue Sharesshares. The At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees shall have may by a majority vote abolish that Series and the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets establishment and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classesdesignation thereof. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classesclasses thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s his or her pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his any holder's Shares, such Shareholder holder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series shall be BlackRock High Yield Muni Income Bond U.S. Equity Factor Rotation ETF. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any Series or Classes of Shares (including the initial Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes as the Trustees may from time to time determine, to divide and combine the Shares of any Series or Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes into one or more Series or Classes, to abolish any one or more Series or Classes or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. A Series may issue any number of Shares and need not issue Shares. The Trustees shall have the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classes. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series or Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series and Class, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder of a Series shall be entitled to receive such Shareholder’s pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Subject to the provisions of this Section 2.06, the Trust created hereby shall consist of one or more Seriesthe Series indicated on Schedule A attached hereto, as such Schedule may be amended from time to time. The initial Series indicated on Schedule A attached hereto as of the date hereof are referred to as the "Initial Series." The preferences, voting powers, rights and privileges of the Initial Series and any classes thereof existing shall be as set forth in the Trust's registration statement or statements as filed with the Commission, as from time to time in effect. Distinct records shall be maintained by the Trust for each Series and the assets associated with each Series shall be BlackRock High Yield Muni Income Bond ETFheld and accounted for separately from the assets of the Trust or any other Series. The Trustees shall have full power and authority, in their sole discretion, discretion and without obtaining any prior authorization or vote of the Shareholders of any Series, (a) to divide the beneficial interest in each Series of the Trustor class thereof into Shares, (b) to establish and designate and to change in any manner any Series or Classes any classes of Shares (including the initial Initial Series established pursuant to this Section 2.5), or any additional Series and to fix such preferences, voting powers, rights rights, duties and privileges and business purpose of such Series or Classes classes thereof as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be senior or subordinate to (or in the case of business purpose, different from) any existing Series or class thereof and may be limited to specified property or obligations of the Trust or profits and losses associated with specified property or obligations of the Trust, (c) to divide and or combine the Shares of or any Series or Classes classes thereof into a greater or lesser numbernumber without thereby materially changing the proportionate beneficial interests of the Shares of such Series or class in the assets held with respect to such Series, (d) to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classes, to abolish any one or more Series or Classes or classes of Shares and (e) to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series (or Classes class) (other than the Initial Series and classes thereof) shall be effective upon the adoption by the Trustees of a resolution that sets by a majority of the Trustees setting forth such establishment and designation of the designation of, or otherwise identifies, Shares of such Series (or Classclass), whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series (or Class including any Registration Statementclass) including, without limitation, any amendment and/or restatement registration statement of this Trust Instrument the Trust, or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class each class thereof (including other than the initial Initial Series established under this Section 2.5and classes thereof) shall be as set forth herein and as set forth in any Registration Statement relating theretothe Trust's registration statement or statements as filed with the Commission, as from time to time in effect, unless otherwise provided in the resolution establishing such Series or Classclass. Upon the establishment of any such Series (or class), Schedule A shall be amended to reflect the addition of such Series (or class) thereto; provided that amendment of Schedule A shall not be a condition precedent to the establishment of any Series (or class) in accordance with this Trust Instrument. A Series may issue any number of Shares and Shares, but need not issue Shares. The At any time that there are no Shares outstanding of any particular Series (or class) previously established and designated, the Trustees shall have may by a majority vote abolish that Series (or class) and the authorityestablishment and designation thereof, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal lawand, (a) to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith with such abolishment, Schedule A shall be amended to cause reflect the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders removal of such Series (or Class class) therefrom; provided that amendment of Schedule A shall not be a condition precedent to be admitted as Shareholders the abolishment of such additional one any Series (or more Series or Classesclass) in accordance with this Trust Instrument. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classes, classes thereof as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s pro rata his proportionate share of all distributions of income and capital gains, if any, made with respect to such Series, based upon the number of full and fractional Shares of the Series held. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. Section 2.06 The Trust created hereby shall consist of one or more Series. The initial Series and separate and distinct records shall be maintained by the Trust for each Series and the assets associated with any such Series shall be BlackRock High Yield Muni Income Bond ETFheld and accounted for separately from the assets of the Trust or any other Series. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series or Classes of Shares (including the or any classes of initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and or combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classesclasses of Shares, to abolish any one or more Series or Classes or and to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets by a majority of the Trustees setting forth such establishment and designation and the designation of, or otherwise identifies, relative rights and preferences of the Shares of such Series or ClassSeries, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of the designation of, or otherwise identifies, Shares of such Series or Class including any Registration Statementincluding, without limitation, any amendment and/or restatement registration statement of this Trust Instrument the Trust, or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. A Series may issue any number of Shares and need not issue Sharesshares. The At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees shall have may by a majority vote abolish that Series and the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets establishment and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classesdesignation thereof. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classesclasses thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s his pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series and separate and distinct records shall be maintained by the Trust of each Series and the assets associated with any such Series shall be held and accounted for separately from the assets of the Trust or any other Series. The initial Series shall be be: BlackRock High Yield Muni Income CoreAlpha Bond ETFFund. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series or Classes of Shares (including the or any classes of initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classesclasses of Shares, to abolish any one or more Series or Classes or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets by a majority of the Trustees setting forth such establishment and designation and the designation of, or otherwise identifies, relative rights and preferences of the Shares of such Series or ClassSeries, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of the designation of, or otherwise identifies, Shares of such Series or Class including any Registration Statementincluding, without limitation, any amendment and/or restatement registration statement of this Trust Instrument or as otherwise provided in such resolutionthe Trust. The relative rights and preferences of each Series and Class class thereof (including the initial Series established under this Section 2.52.05) shall be as set forth herein and as set forth in any Registration Statement relating theretothe registration statement, unless otherwise provided in the resolution establishing such Series or Classclass. A Series may issue any number of Shares and need not issue Sharesshares. The At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees shall have may by a majority vote abolish that Series and the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets establishment and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classesdesignation thereof. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classesclasses thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s his or her pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his any holder’s Shares, such Shareholder holder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist initially of one or more Series: the Credit Suisse Short Duration Bond Fund. The initial Distinct records shall be maintained by the Trust for each Series and the assets associated with each Series shall be BlackRock High Yield Muni Income Bond ETFheld and accounted for separately from the assets of the Trust or any other Series. The Trustees shall have full power and authority, in their sole discretion, discretion and without obtaining any prior authorization or vote of the Shareholders of any Series of the TrustSeries, to establish and designate and to change in any manner any Series or Classes any classes of Shares (including the initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and or combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classesclasses of Shares, to abolish any one or more Series or Classes or and to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes (other than those established pursuant to the first sentence of this Section 2.6) shall be effective upon the adoption by the Trustees of a resolution that sets by a majority of the Trustees setting forth such establishment and designation and the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing Shares of such Series or ClassSeries. A Series may issue any number of Shares and Shares, but need not issue Shares. The Trustees shall have the authority, may by a majority vote and without the approval any prior authorization or vote of the Shareholders of the Trust or affected Series abolish that Series and the establishment and designation thereof, whether of not there are any Shares outstanding of that Series or Class unless otherwise required by applicable federal law, (a) to combine previously established and designated at the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classestime. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classes, classes thereof as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s pro rata his proportionate share of all distributions of income and capital gains, if any, made with respect to such Series, based upon the number of full and fractional Shares of the Series held. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series shall be BlackRock High Yield Muni Income Bond TCW Transform 500 ETF. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any Series or Classes of Shares (including the initial Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes as the Trustees may from time to time determine, to divide and combine the Shares of any Series or Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes into one or more Series or ClassesClasses (whether the Shares to be classified or reclassified are issued and outstanding or unissued and whether such Shares constitute part or all of the Shares of the Trust or such Series or Class), to abolish any one or more Series or Classes or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. A Series may issue any number of Shares and need not issue Shares. The Trustees shall have the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classes. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series or Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series and Class, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder of a Series shall be entitled to receive such Shareholder’s pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series shall be BlackRock High Yield Muni Income Bond ETF. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series or Classes of Shares (including the or any classes of initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classesclasses of Shares, to abolish any one or more Series or Classes classes of Shares or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes class thereof shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Classclass, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class class including any Registration StatementStatement of the Trust, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) each class thereof shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Classclass. A Series may issue any number of Shares and need not issue Shares. The Trustees shall have the authority, without the approval of the Shareholders of the Trust or any Series or Class class thereof unless otherwise required by applicable federal law, (a) to combine the assets and liabilities held with respect to any two or more Series or Classes classes into assets and liabilities held with respect to a single Series or Class class and in connection therewith to cause the Shareholders of each such Series or Class class to become Shareholders of such single Series or Class class and (b) to divide the assets and liabilities held with respect to any Series or Class class thereof into assets and liabilities held with respect to an additional one or more Series or Classes classes and in connection therewith to cause some or all of the Shareholders of such Series or Class class to be admitted as Shareholders of such additional one or more Series or Classesclasses. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classesclasses thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s his pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his Shares, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust.

Establishment of Series. The Trust created hereby shall consist of one or more Series. The initial Series and separate and distinct records shall be maintained by the Trust of each Series and the assets associated with any such Series shall be BlackRock High Yield Muni Income Bond ETFheld and accounted for separately from the assets of the Trust or any other Series. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series or Classes of Shares (including the or any classes of initial or additional Series established pursuant to this Section 2.5), and to fix such preferences, voting powers, rights and privileges of such Series or Classes classes thereof as the Trustees may from time to time determine, to divide and combine the Shares of or any Series or Classes classes thereof into a greater or lesser number, to classify or reclassify any issued Shares or any Series or Classes classes thereof into one or more Series or Classesclasses of Shares, to abolish any one or more Series or Classes or to take such other action with respect to the Shares as the Trustees may deem desirable. The establishment and designation of any additional Series or Classes shall be effective upon the adoption by the Trustees of a resolution that sets by a majority of the Trustees setting forth such establishment and designation and the designation of, or otherwise identifies, relative rights and preferences of the Shares of such Series or ClassSeries, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Trust Instrument or as otherwise provided in such resolution. The relative rights and preferences of each Series and Class (including the initial Series established under this Section 2.5) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing Shares of such Series or Classincluding, without limitation, any registration statement of the Trust. A Series may issue any number of Shares and need not issue Sharesshares. The At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees shall have may by a majority vote abolish that Series and the authority, without the approval of the Shareholders of the Trust or any Series or Class unless otherwise required by applicable federal law, (a) to combine the assets establishment and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become Shareholders of such single Series or Class and (b) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classesdesignation thereof. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series Series, or Classesclasses thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust, and Classeach class thereof, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Subject to the distinctions permitted among Series established by the Trustees consistent with the requirements of the 1940 Act, each Each Share of a Series of the Trust shall represent an equal beneficial interest in the net assets of such Series. Each Shareholder holder of Shares of a Series shall be entitled to receive such Shareholder’s his or her pro rata share of distributions of income and capital gains, if any, made with respect to such Series. Upon redemption of his any holder's Shares, such Shareholder holder shall be paid solely out of the funds and property of such Series of the Trust. In connection with the establishment of one or more Series or classes, the Trustees establishing such Series or class may appoint, to the extent permitted by the Delaware Act, separate Trustees with respect to such Series or class, as provided in Article III, Section 3.09 hereof.