BELT is targeted US equity exposure, using an actively managed unconstrained investment approach. Securities selected can span any market capitalization. The investment objective aims for sustained capital growth. Up to 20% of the funds assets may be allocated to foreign equity securities, including ADRs and GDRs, with foreign currency exposure managed through forward currency contracts, though systematic heeding is not a primary focus. Derivatives such as options, futures, swaps, and forward contracts enhance returns and manage risks associated with market movements, interest rates, and currency exchange rates. Additionally, futures contracts or options on such contracts may be employed to manage cash flows. Investments may also include REITS, as well as indexed and inverse securities. Prior to October 10, 2024, the fund used Blackrock for branding purposes instead of iShares. Prior to June 17, 2025 the fund name was iShares Long-Term U.S. Equity Active ETF.