Highlights

  • Exposure focus: National Municipal Bonds and income mechanics.
  • Official net Assets were USD 54,487,489,931 as at 3 November 2026.
  • The listed net annual expense ratio is 0.05%.
  • Its reference measure is ICE AMT-Free US National Municipal Index.

iShares National Muni Bond ETF (NYSEARCA:MUB) targets investment-grade US municipal bonds through a national index. Municipal issuers and projects differ from federal government borrowers, so local finances and Revenue pledges matter. The tax treatment of municipal income depends on the investor and applicable rules; a national portfolio does not make every payment exempt from every tax.

Investment approach and market coverage

iShares National Muni Bond ETF (NYSEARCA:MUB) uses an index-tracking mandate. The stated benchmark is ICE AMT-Free US National Municipal Index. The benchmark defines the eligible Investment universe, and its membership and weights shape the portfolio. An index objective does not mean the fund and benchmark will match exactly. Expenses, transactions, cash balances and implementation decisions can create differences. The scope of the mandate matters when comparing this exposure with an existing portfolio, because funds with similar names may cover different securities or market segments.

Holdings and underlying exposure

In the official holdings file dated 3 November 2026, selected leading individual bond positions were University Tex Univ Revs maturing 15 August 2036 at 0.16%; Northwest Tex Indpt Sch Dist maturing 15 February 2055 at 0.12%; New York St Twy Auth St Pers I maturing 15 March 2048 at 0.12%; Oklahoma Transn Auth Ok F/K/A maturing 1 January 2053 at 0.12%; New York St Dorm Auth St Pers maturing 15 February 2047 at 0.12%. These figures are security-level portfolio weights; separate securities from the same issuer may appear in other rows. Holdings and weights can change.

Aggregating the reported bond rows by the issuer file’s sector labels gives State Tax-Backed at approximately 29.26%, Local Tax-Backed at approximately 18.93%, Utility at approximately 16.95%. These are calculated sums of rounded security weights, rather than a separate issuer-published allocation table. Cash, Derivatives and other asset classes are excluded from these sector sums. The composition helps explain which economic exposures accompany the stated mandate.

Fees distributions and share pricing

iShares National Muni Bond ETF (NYSEARCA:MUB) has a listed gross annual expense ratio of 0.05% and net annual expense ratio of 0.05%. At the net rate, USD 10,000 held at a constant value for a full year would imply approximately USD 5.00 in annual fund expenses. This is an illustrative fee calculation, excluding changes in value, brokerage costs and bid-ask spreads. Expenses are reflected within the product rather than quoted as a promised investment outcome.

The stated distribution frequency is monthly. The schedule describes how often distributions are expected, while payment amounts depend on income and other applicable fund circumstances. A distribution is distinct from Capital appreciation and does not establish a fixed future payment. Shareholders also need to consider their own tax treatment, including any treatment of distributions or gains on sale.

iShares reported net asset value of USD 103.85 per share as at 3 November 2026. NAV measures the underlying net asset value allocated to a share; it is not an exchange closing-price quotation. Shares trade on NYSE Arca, where the transaction price can differ from NAV and where the bid-ask spread adds to the cost of entering or exiting a position.

Municipal Credit interest rates and tax treatment

Municipal borrowers depend on tax revenue, project income or other pledged resources. Their repayment capacity can change with local economic conditions and financial management. Market values also respond to interest rates and liquidity. Tax-exempt objectives require care because federal, state and local treatment can differ, and transactions in fund shares may create taxable gains. The fund does not remove the need to assess the applicable tax position.

Key Insights

iShares National Muni Bond ETF (NYSEARCA:MUB) is defined by its benchmark and eligible investment universe. Its holdings explain the actual exposure, while the fee schedule and distribution arrangements explain important ownership mechanics. These features need to be considered together: broad coverage, a particular style or a specified Maturity band each changes the risks a Shareholder takes. The investment objective remains a target, and the value of the shares can decline.

Data checked on 5 November 2026. Each numerical observation uses the specific source date stated above.