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Wednesday, August 19, 2026The Morning Brief →Sign in
SUBISharesINDEX

iShares Short-Term National Muni Bond ETF

$106.29+0.02% today
10610752-WK

The fund will invest at least 80% of its assets in the component securities of the underlying index, and the fund will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that the advisor believes will help the fund track the underlying index. The underlying index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax.

Price & daily flows
106.2106.0105.9106.29DAILY NET FLOWJul 20Jul 29Aug 10Aug 19

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1M SHOWN · NET +$138M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$138M of net buying over the past month, about 1.2% of the fund's asset base, while the price has returned -0.4% so far this year. At 0.070% a year, nothing comparable on our shelf runs cheaper.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$11.5Bassets under management
0.070%expense ratio · $7 per $10,000 a year
+$138Mnet flow, trailing month
433Kavg daily volume, 30 days
2479holdings · US-domiciled
2008listed November 4, 2008 · beta 0.03
The book at a glance
0.3%0.3%0.3%0.3%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.1%0.1%0.1%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1CALIFORNIA ST0.28%
2NEW YORK ST URBAN DEV CORP REV0.26%
3UNIVERSITY CALIF REVS0.25%
4NEW JERSEY ST TPK AUTH TPK REV0.25%
5CALIFORNIA ST0.24%
6CALIFORNIA ST0.24%
7CONNECTICUT ST SPL TAX OBLIG R0.22%
8NEW JERSEY ST0.22%
9NEW YORK N Y0.21%
10NEW YORK N Y CITY TRANSITIONAL0.21%
11MASSACHUSETTS ST0.21%
12OHIO ST WTR DEV AUTH REV0.21%
13CONNECTICUT ST HEALTH & EDL FA0.21%
14PENNSYLVANIA ST0.20%
15NEW YORK N Y CITY TRANSITIONAL0.20%

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Sector weights
State Tax-Backed31.99%
Local Tax-Backed19.48%
Utility14.4%
School Districts10.73%
Transportation8.6%
Education6.43%
Cash and/or Derivatives4.39%
Prerefund/Escrow3.77%
Other Industries0.11%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.0%
1 month+0.1%
3 months+0.1%
6 months-1.0%
YTD-0.4%
1 year
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week+$85M
1 month+$138M
3 months+$323M
YTD+$1.1B
1 year+$1.4B

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
AugSepOctNovDecJanFebMarAprMayJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
2%realized volatility, 30 days (annualized)
1%realized volatility, 1 year
-1.6%deepest fall from a peak, 1 year
-1.1%where it sits vs. that peak today

The top holding is 0.4% of the book; the top ten carry 3%. Spread across 250+ names, it behaves like roughly 225 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against SUB

Due diligence cuts both ways. These funds sit on the same shelf and beat SUB on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-4bp on fee · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-3bp on fee · 3× the assets · +$26M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-3bp on fee · 2× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-3bp on fee · 2× the assets · +$312M in over the monthHead-to-head
MUB iShares National Muni Bond ETF0.05%$45.8B+$585M-2bp on fee · 4× the assets · +$585M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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