BLACKROCK ETF TRUST II Wilmington, Delaware 19809 BLACKROCK MUNICIPAL BOND FUND, INC. Wilmington, Delaware 19809 Ladies and Gentlemen:Acquisition Agreement • November 26th, 2024 • BlackRock ETF Trust II
BlackRock ETF Trust II, a registered investment company and a Delaware statutory trust (the “Acquiring Trust”), on behalf of iShares High Yield Muni Active ETF, a separate series of the Acquiring Trust (the “Acquiring Fund”), BlackRock Municipal Bond Fund, Inc., a registered investment company and a Maryland corporation (the “Target Company”), on behalf of BlackRock High Yield Municipal Fund, a separate series of the Target Company (the “Target Fund”), have requested our opinion as to certain U.S. federal income tax consequences of the Acquiring Fund’s proposed acquisition of the assets of the Target Fund pursuant to an Agreement and Plan of Reorganization dated as of [ ], 202[ ] (the “Plan”). Pursuant to the Plan, the following steps will be undertaken: (i) the transfer of substantially all of the assets of the Target Fund to the Acquiring Fund, in exchange for the assumption by the Acquiring Fund of the Target Fund Stated Liabilities (as defined in paragraph 1.3 of the Plan) and shar
