SUB — iShares Short-Term National Muni Bond ETF

SUB Price Performance — Growth of $10,000

Value of a $10,000 investment in SUB over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SUB Drawdown

The "underwater" chart: SUB's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares Short-Term National Muni Bond ETF is a municipal bond fund issued by iShares with $11.9 billion in assets under management. It holds a C grade and ranks 3 of 10 within its category, placing it in the upper tier of similar funds. The fund’s expense ratio of 0.07% is significantly lower than the category median of 0.19%, offering a cost advantage to investors. However, its dividend yield of 2.58% trails the category median of 3.40%, indicating a lower income profile relative to peers. Top holdings represent only 2.7% of assets, with the largest position being the New Jersey Economic Development Authority at 0.4%, suggesting a broadly diversified portfolio.

The fund’s price sits at 50.9% of its 52-week range, reflecting a neutral position between its low of $104.05 and high of $107.51. Short-term returns show acceleration, with the one-month gain of 1.40% outpacing the three-month return of 0.35%. Over the longer term, the one-year return of 1.93% contrasts sharply with the category median of -0.34%, highlighting relative strength. The rating has remained unchanged at grade C over the last 35 tracked days, indicating stability in its assessment. Historical data is available for only 3.0 years, which limits the depth of long-term performance analysis.

With a beta of 0.28, the fund exhibits low sensitivity to broader market movements, moving less than a third as much as the market. Annualized volatility is labeled Very Low at 1.38%, and the maximum drawdown has been limited to -1.89%, indicating minimal recent price erosion. Despite these favorable risk metrics, the Sharpe ratio of -2.22 suggests that risk-adjusted returns have been negative over the measured period. Liquidity is supported by an average daily volume of 973,031 shares, ensuring ease of trading for investors.

AI-generated summary based on the data on this page.

SUB Top Holdings

Holdings as of 2026-08-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 2.7% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SUB's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SUB

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SUB's top 10 — TFI overlaps most, holding 4 of the same companies as SUB's top 10 (1.5% of SUB's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SUB Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 973K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $11.9B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SUB is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SUB Performance History

How SUB Compares to Other Municipal Bonds ETFs