Fixed Income

SUB

iShares Short-Term National Muni Bond ETF

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  • NAV as of Nov 13, 2024 $105.46
    52 WK: 103.68 - 106.16
  • 1 Day NAV Change as of Nov 13, 2024 0.02 (0.01%)
  • NAV Total Return as of Nov 12, 2024 YTD: 1.94%
  • Morningstar Rating
  • Fees as stated in the prospectus Expense Ratio: 0.07%

Overview

Why SUB?

1. Exposure to short-term U.S. municipal bonds

 

2. Access to a specific segment of the domestic municipal bond market

 

3. Use to seek tax-exempt income and manage interest rate risk

INVESTMENT OBJECTIVE

The iShares Short-Term National Muni Bond ETF seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds with remaining maturities between one month and five years.
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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 5.24 1.04 1.25 1.16 1.50
Market Price (%) 5.32 0.96 1.24 1.16 1.50
Benchmark (%) 5.45 1.14 1.36 1.36 1.74
After Tax Pre-Liq. (%) 5.24 1.04 1.25 1.16 1.50
After Tax Post-Liq. (%) 3.94 1.12 1.26 1.16 1.43
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 2.25 0.42 2.00 2.40 5.24 3.16 6.42 12.25 26.76
Market Price (%) 2.11 0.52 2.10 2.45 5.32 2.91 6.33 12.24 26.76
Benchmark (%) 2.39 0.44 2.06 2.49 5.45 3.45 6.98 14.42 31.57
After Tax Pre-Liq. (%) 2.25 0.42 2.00 2.40 5.24 3.16 6.42 12.24 26.76
After Tax Post-Liq. (%) 1.89 0.32 1.40 1.85 3.94 3.39 6.46 12.22 25.38
  2019 2020 2021 2022 2023
Total Return (%) 3.09 2.27 0.19 -2.15 3.11
Market Price (%) 2.90 2.58 0.03 -2.05 2.91
Benchmark (%) 3.24 2.37 0.34 -2.20 3.29
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Key Facts

Key Facts

Net Assets of Fund
as of Nov 13, 2024
$8,678,953,565
Exchange
NYSE Arca
Benchmark Index
ICE Short Maturity AMT-Free US National Municipal Index (USD)
Shares Outstanding
as of Nov 13, 2024
82,300,000
Premium/Discount
as of Nov 13, 2024
0.01%
Closing Price
as of Nov 13, 2024
105.47
30 Day Median Bid/Ask Spread
as of Nov 12, 2024
0.01%
Fund Launch Date
Nov 05, 2008
Asset Class
Fixed Income
Bloomberg Index Ticker
MNAS
Distribution Frequency
Monthly
CUSIP
464288158
30 Day Avg. Volume
as of Nov 12, 2024
361,642.00
Daily Volume
as of Nov 13, 2024
326,073.00

NAIC Designated (Schedule D Eligible)

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 12, 2024
2,368
30 Day SEC Yield
as of Nov 12, 2024
2.79%
Standard Deviation (3y)
as of Oct 31, 2024
2.76%
Tax Equiv. SEC Yield
as of Nov 12, 2024
4.71%
Weighted Avg Maturity
as of Nov 12, 2024
2.00 yrs
Convexity
as of Nov 12, 2024
0.05
Equity Beta (3y)
as of Oct 31, 2024
0.10
12m Trailing Yield
as of Nov 12, 2024
2.04%
Average Yield to Maturity
as of Nov 12, 2024
2.90%
Weighted Avg Coupon
as of Nov 12, 2024
4.89
Effective Duration
as of Nov 12, 2024
1.85 yrs
Option Adjusted Spread
as of Nov 12, 2024
20.78 bps
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Fees

Fees

as of current prospectus
Management Fee 0.07%
Acquired Fund Fees and Expenses 0.00%
Other Expenses 0.00%
Expense Ratio 0.07%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for iShares Short-Term National Muni Bond ETF, as of Oct 31, 2024 rated against 208 Muni National Short Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective Feb 06, 2024)
Analyst-Driven % as of Feb 06, 2024
100.00
Data Coverage % as of Feb 06, 2024
100.00

Holdings

Holdings

as of Nov 12, 2024
Issuer Weight (%)
CALIFORNIA (STATE OF) 4.18
NEW YORK CITY OF 2.60
CONNECTICUT (STATE OF) 2.36
DORMITORY AUTHORITY OF STATE OF NEW YORK 2.27
NEW YORK CITY TRANSITIONAL FIN AUTH 2.14
Issuer Weight (%)
MINNESOTA (STATE OF) 2.13
WASHINGTON (STATE OF) 2.08
ILLINOIS (STATE OF) 1.81
NEW YORK ST URBAN DEV CORP 1.60
DISTRICT OF COLUMBIA (WASHINGTON DC) 1.51
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency Accrual Date Effective Date
Detailed Holdings and Analytics
Holdings are subject to change.



The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

Exposure Breakdowns

Exposure Breakdowns

as of Nov 12, 2024

% of Market Value

Type Fund
Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product's total holdings, excluding currency holdings. Percentages do not reflect fair valuation. In some instances, percentages may reflect the location where the issuer of the securities carries out much of their business. Bonds are included in U.S. bond indices when the securities are denominated in U.S. dollars regardless of the domicile of the issuer.
as of Nov 12, 2024

% of Market Value

Type Fund
as of Nov 12, 2024

% of Market Value

Type Fund
The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of Nov 12, 2024

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security, the lower of the two ratings if only two agencies rate a security, and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

Literature

Literature

 

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READY TO INVEST?

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

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