iShares Short-Term National Muni Bond ETF
$105.02+0.17 (+0.17%)
- 0.07%
- $12.3B
- +0.9%
- 2.60%
- 0.7M sh
- $104.54
- low $104.05high $107.51
The ETF.net SUB Grade
A
Score 79 out of 100
- 2 of 28
Score 79 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A91 out of 100Rank 3 of 28Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 27Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 23 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B60 out of 100Rank 9 of 28Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A80 out of 100Rank 3 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A94 out of 100Rank 1 of 28
Our read on SUB
AMunis, but only the near end of the curve. Since 2008 SUB has tracked an AMT-free index of investment-grade municipal bonds maturing inside five years, paying tax-exempt income monthly with far less rate sensitivity than long-dated muni funds.
The fund seeks to track an index of short-term, investment-grade U.S. municipal bonds maturing from one month through five years, providing tax-exempt income while managing interest-rate risk.
Why people hold it
- Charges 0.07% a year against a category median near 0.30%. On tax-exempt bond income, that fee gap is a meaningful slice of what actually reaches you.
- Two dials set on purpose: maturities from one month to five years, and an AMT-free index, so neither rate swings nor the alternative minimum tax hit the same way.ishares.com
- A multi-billion-dollar fund running since 2008 under iShares, with tight tracking of its ICE benchmark. One of the sturdier implementations in the muni group.
- Pays monthly, so the tax-exempt income arrives on a regular cadence rather than in quarterly lumps.
Worth knowing
- The five-year ceiling is the whole design, and it cuts both ways: less rate sensitivity, but a shorter stretch of the curve to draw income from than full-maturity muni funds.
- This is a national portfolio. Single-state funds like NYF chase a home-state tax break that a nationwide muni basket cannot offer.
- Broad-maturity peers VTEB and SCMB run at 0.03%. The short-end tilt here costs a few basis points more.
SUB Holdings
- Bonds
- 3,058
- 5%
- BlackRock Liq Municash Class Ins Mmf
Geography
- United States100.00%
SUB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
SUB$10,085
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SUB |
|---|---|
| Year to date | +0.2% |
| 1 month | −0.4% |
| 3 months | −0.7% |
| 1 year | +0.9% |
| 3 years | +2.9% |
| 5 years | +1.4% |
| 10 years | +1.4% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SUB |
|---|---|---|
| 2026 YTD | +0.2% | |
| 2025 | +3.6% | |
| 2024 | +2.2% | |
| 2023 | +2.9% | |
| 2022 | −2.0% | |
| 2021 | 0.0% | |
| 2020 | +2.5% |
SUB in the news
SUB Dividends
- 2.60%
- $2.73
- $0.23 per share
- Monthly
Distribution history
SUB Risk
- 1.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.92
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −4.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.26
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SUB Cost
0.07%
SUB0.07%
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
2 of the 27 Short-Duration Municipal Bonds funds charge less.
Other funds in Short-Duration Municipal Bonds
- AVTESVanguard Short-Term Tax-Exempt Bond ETFExpense ratio 0.05%1 year return 0.0%
- ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFExpense ratio 0.05%1 year return +1.2%
- AGUMIGoldman Sachs Ultra Short Municipal Income ETFExpense ratio 0.16%1 year return +2.5%
- AVSDMVanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETFExpense ratio 0.12%1 year return +0.7%
- AJMSTJPMorgan Ultra-Short Municipal Income ETFExpense ratio 0.18%1 year return +2.0%