iShares Short-Term National Muni Bond ETF
SUB
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- iShares Short-Term National Muni Bond ETF (SUB) is an exchange-traded fund that 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. Launched on November 5, 2008, by BlackRock, Inc. and managed by BlackRock Fund Advisors, the ETF invests primarily in U.S. dollar-denominated, tax-exempt investment-grade municipal bonds issued by U.S. states, local governments, and agencies; these bonds are rated at least BBB- by S&P or Fitch or Baa3 by Moody's and exempt from federal alternative minimum tax. The fund targets the ICE Short Maturity AMT-Free US National Municipal Index, holding over 2,500 securities such as bonds from issuers including the State of California, New York City, Dormitory Authority of the State of New York, State of Illinois, and New York City Transitional Finance Authority; it maintains a low expense ratio of 0.07% and focuses on broad exposure to short-term municipal debt for investors seeking tax-efficient income with reduced interest rate risk. Headquartered in New York through its issuer BlackRock, the ETF operates exclusively within U.S. fixed income markets, serving institutional and retail investors pursuing tax-advantaged, low-duration municipal bond strategies. In recent developments, BlackRock has expanded its municipal bond ETF lineup, including the February 2025 conversion of the BlackRock High Yield Municipal Fund into the iShares High Yield Muni Active ETF (HIMU) and the March 2025 launch of the iShares Long-Term National Muni Bond ETF (LMUB), reflecting strategic growth in the muni ETF segment without direct impact to SUB; portfolio managers have undergone updates, with additions such as Jonathan Graves and Marcus Tom effective in 2025, alongside prospective shifts like adopting ICE Data Services as the primary pricing vendor for municipal securities starting October 1, 2025.