iShares Short-Term National Muni Bond ETF
$104.73−0.38 (−0.36%)
- Expense ratio
- 0.07%
- Fund size
- $11.8B
- 1Y return
- +0.7%
- Yield · Last 12 months
- 2.59%
- Holdings
- 2959
- Volume · 30D
- 0.5M sh
- NAV per share
- $105.04
- 52W range
The ETF.net SUB Grade
Score 80 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 91Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 42Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 58Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 84Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 94Category rank
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
- 2,959
- 3%
- CALIFORNIA (STATE OF) 5.00% 08/01/2031
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.
Returns run to the Sep 22, 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 | −0.9% |
| 3 months | −0.7% |
| 1 year | +0.7% |
| 3 years | +2.9% |
| 5 years | +1.3% |
| 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
ETF.net Research hasn’t filed on SUB yet — coverage lands here as it’s written.
SUB Dividends
- 2.59%
- $2.72
- $0.23 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 4, 2026 | $0.23 |
| Aug 3, 2026 | Aug 6, 2026 | $0.23 |
| Jul 1, 2026 | Jul 7, 2026 | $0.23 |
| Jun 1, 2026 | Jun 4, 2026 | $0.22 |
| May 1, 2026 | May 6, 2026 | $0.23 |
| Apr 1, 2026 | Apr 7, 2026 | $0.22 |
| Mar 2, 2026 | Mar 5, 2026 | $0.24 |
| Feb 2, 2026 | Feb 5, 2026 | $0.21 |
| Dec 19, 2025 | Dec 24, 2025 | $0.22 |
| Dec 1, 2025 | Dec 4, 2025 | $0.23 |
| Nov 3, 2025 | Nov 6, 2025 | $0.22 |
| Oct 1, 2025 | Oct 6, 2025 | $0.23 |
SUB Risk
- 1.7%
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.
- −0.89
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.
- −4.2%
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
- The middle half of Short-Duration Municipal Bonds funds
- Median 0.25%
2 of the 27 Short-Duration Municipal Bonds funds charge less.