iShares Short-Term National Muni Bond ETF (NYSEARCA:SUB) Reports a 5.51% Tax-Equivalent SEC Yield at a 0.07% Fee

Sonal Goyal

27 October 2026 05:28 PM AEDT

iShares Short-Term National Muni Bond ETF (NYSEARCA:SUB) Reports a 5.51% Tax-Equivalent SEC Yield at a 0.07% Fee

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Key Highlights

iShares Short-Term National Muni Bond ETF (NYSEARCA:SUB) had net assets of about $13.28 billion and a NAV of $105.79 as of Oct 26, 2026.
The fund tracks the ICE Short Maturity AMT-Free US National Municipal Index with an expense ratio of 0.07%.
Its 30-day SEC yield was 3.26%, with monthly distributions.

The iShares Short-Term National Muni Bond ETF (NYSEARCA:SUB) holds short-term investment grade U.S. municipal bonds with maturities between one month and five years. As of Oct 26, 2026, net assets were about $13.28 billion and NAV was $105.79 per share.

Index and Investment Approach

The fund tracks the ICE Short Maturity AMT-Free US National Municipal Index and has traded since Nov 5, 2008. It charges 0.07% and pays monthly.

Portfolio Composition

The portfolio held 3,118 securities as of Oct 23, 2026. The largest line was the BlackRock Liquidity MuniCash fund (2.61%), with the largest bonds being state tax-backed issues from California (0.41%) and New Jersey (0.31%). Effective duration was 1.97 years.

Tax-Equivalent Yield

The 30-day SEC yield was 3.26%, while the tax-equivalent SEC yield was 5.51%. iShares notes that some investors may be subject to federal or state income taxes or the Alternative Minimum Tax, and that capital gains distributions, if any, are taxable.

Yield and Distributions

The fund reported a 30-day SEC yield of 3.26% as of Oct 23, 2026 and a 12-month trailing yield of 2.58%. Distributions are paid monthly. The most recent distribution was $0.234770 per share, with an ex-date of Oct 1, 2026 and payment on Oct 6, 2026. iShares notes that distribution yield and trailing yield can vary from period to period for reasons such as tax treatment and changes in fund shares outstanding.

Portfolio Characteristics

As of Oct 23, 2026 the portfolio held 3,118 securities. Weighted average coupon was 4.78, weighted average maturity 2.15 years, effective duration 1.97 years and average yield to maturity 2.99%, with an option adjusted spread of 20.56 bps and convexity of 0.03.

Concentration and Holdings Profile

3,118 securities were held as of Oct 23, 2026. The five largest positions listed on the fund page totalled about 3.89% of assets, leaving roughly 96.11% across the remaining holdings. That is a low level of concentration, with exposure spread thinly across many issuers. iShares notes that holdings are subject to change and that the weights shown are calculated from vendor prices, which may differ from the fund’s own valuation prices.

Fund Details at a Glance

The iShares Short-Term National Muni Bond ETF (NYSEARCA:SUB) is an index-based fixed income fund that began trading on Nov 5, 2008. Its benchmark is the ICE Short Maturity AMT-Free US National Municipal Index, and it pays distributions monthly. As of Oct 26, 2026 it had 125.55 million shares outstanding and net assets of $13,281,327,973. An annual fee of 0.07% works out to $7 for every $10,000 held, before any brokerage commissions.

Risk Disclosures Noted by iShares

Fixed income risks include interest-rate and credit risk: when interest rates rise, the value of debt securities typically declines, and credit risk is the possibility that an issuer cannot make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations, and the municipal bond market may be less liquid than the market for taxable bonds. Shares of ETFs are bought and sold at market price rather than NAV and are not individually redeemed from the fund, and brokerage commissions will reduce returns. Investing involves risk, including possible loss of principal.

Costs and Trading Details

The expense ratio is 0.07%. The fund is listed on NYSE Arca with 125.55 million shares outstanding and net assets of $13,281,327,973 as of Oct 26, 2026. The closing price was $105.94 as of Oct 26, 2026, against a NAV of $105.79 on Oct 26, and the premium/discount was 0.15. The 30-day median bid/ask spread was 0.01% and 30-day average volume was 1,809,790 shares.

Closing View

iShares Short-Term National Muni Bond ETF (NYSEARCA:SUB) reported net assets of about $13.28 billion and 3,118 holdings, with its index, fees and distribution schedule as set out above. The monthly distribution schedule, 0.07% expense ratio and 0.01% median bid/ask spread are the main cost and income details reported for the fund.

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