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Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

iShares Short-Term National Muni Bond ETF

SUB | ETF

$105.15

$8.7 B

2.16%

$2.28

0.07%

Vitals

YTD Return

1.7%

1 yr return

1.6%

3 Yr Avg Return

0.9%

5 Yr Avg Return

1.0%

Net Assets

$8.7 B

Holdings in Top 10

3.5%

52 WEEK LOW AND HIGH

$104.9
$104.04
$106.30

Expenses

OPERATING FEES

Expense Ratio 0.07%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 16.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

iShares Short-Term National Muni Bond ETF

SUB | ETF

$105.15

$8.7 B

2.16%

$2.28

0.07%

SUB - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return 1.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.65%
DIVIDENDS
  • Dividend Yield 2.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    iShares Short-Term National Muni Bond ETF
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Nov 05, 2008
  • Shares Outstanding
    78700000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Mauro

Fund Description

The Fund seeks to track the investment results of the ICE Short Maturity AMT-Free US National Municipal Index (the “Underlying Index”), which measures the performance of short maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and their political subdivisions. As of February 29, 2024, there were 21,876 issues in the Underlying Index. As of February 29, 2024, a significant portion of the Underlying Index is represented by municipal bonds. The components of the Underlying Index are likely to change over time.
The Underlying Index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax. Each bond in the Underlying Index must have a rating of at least BBB- by Standard & Poor’s® Global Ratings, a subsidiary of S&P Global, Baa3 by Moody’s Investors Service, Inc., or BBB- by Fitch Ratings, Inc. A bond must be rated by at least one of these three rating agencies in order to qualify for
the Underlying Index, and the lowest rating will be used in determining if the bond is investment grade. Each bond in the Underlying Index must be a constituent of an offering where the original offering amount was at least $50 million and have a minimum par amount (i.e., currently outstanding face value) of $5 million. In addition, each bond must have a remaining term to final maturity that is less than five years and greater than or equal to one calendar month to be included in the Underlying Index. The Underlying Index is a market-value weighted index and is subject to a capping methodology that aims at reducing index concentration. The Underlying Index is rebalanced on the last calendar day of the month. Under normal circumstances, the Fund will seek to maintain a weighted average maturity that is less than three years. Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in the Fund’s portfolio.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration (i.e., a security's price sensitivity to a change in interest rates), maturity or credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are exempt from U.S. federal income taxes and the
federal alternative minimum tax “AMT”). As of the date of this Prospectus, interest that is exempt from U.S. federal income tax is also exempt from the federal Medicare contribution tax of 3.8% on “net investment income.”In addition, the Fund intends to invest any cash assets in one or more affiliated municipal money market funds, which may be advised by BFA or its affiliates. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Underlying Index is sponsored by ICE Data Indices, LLC (the “Index Provider” or “IDI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.
Read More

SUB - Performance

Return Ranking - Trailing

Period SUB Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -6.1% 36.1% 64.54%
1 Yr 1.6% -6.0% 38.2% 73.74%
3 Yr 0.9%* -11.5% 5.9% 7.99%
5 Yr 1.0%* -7.2% 1103.7% 27.61%
10 Yr 1.1%* -1.1% 248.9% 73.49%

* Annualized

Return Ranking - Calendar

Period SUB Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -1.4% 41.0% 93.54%
2022 -2.9% -39.7% 0.3% 3.21%
2021 -0.7% -5.6% 6.9% 59.73%
2020 1.2% -2.6% 310.0% 72.41%
2019 1.3% 0.0% 26.0% 95.32%

Total Return Ranking - Trailing

Period SUB Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -6.1% 36.1% 64.54%
1 Yr 1.6% -6.0% 38.2% 73.74%
3 Yr 0.9%* -11.5% 5.9% 7.99%
5 Yr 1.0%* -7.2% 1103.7% 27.61%
10 Yr 1.1%* -1.1% 248.9% 73.49%

* Annualized

Total Return Ranking - Calendar

Period SUB Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -1.3% 41.0% 97.10%
2022 -2.0% -39.7% 1.1% 3.41%
2021 0.0% -4.8% 23761504.0% 86.53%
2020 2.5% -1.5% 17057.9% 84.10%
2019 2.9% 0.2% 3514.6% 94.02%

SUB - Holdings

Concentration Analysis

SUB Category Low Category High SUB % Rank
Net Assets 8.7 B 3.22 M 71.9 B 3.63%
Number of Holdings 2350 4 13418 2.96%
Net Assets in Top 10 301 M -317 M 3.09 B 12.29%
Weighting of Top 10 3.47% 1.8% 100.3% 99.60%

Top 10 Holdings

  1. Pennsylvania Turnpike Commission, Series 2023B 0.43%
  2. New York State Urban Development Corp., Series 2022A 0.42%
  3. Long Beach Unified School District, Series A 0.38%
  4. Texas Department of Transportation State Highway Fund, Series 2015 0.35%
  5. San Mateo Foster City Public Financing Authority, Series 2021B 0.32%
  6. State of California 0.32%
  7. Commonwealth of Pennsylvania, Series 2018-1 0.32%
  8. Metropolitan Water Reclamation District of Greater Chicago, Series 2014A 0.32%
  9. Commonwealth of Pennsylvania, Series 2018-1 0.32%
  10. Minnesota Public Facilities Authority State Revolving Fund, Series 2023B 0.30%

Asset Allocation

Weighting Return Low Return High SUB % Rank
Bonds 		96.06% 0.00% 150.86% 86.98%
Cash 		3.94% -50.86% 44.62% 12.36%
Stocks 		0.00% 0.00% 99.77% 54.83%
Preferred Stocks 		0.00% 0.00% 0.07% 46.81%
Other 		0.00% -3.69% 53.54% 51.58%
Convertible Bonds 		0.00% 0.00% 0.93% 46.53%

Bond Sector Breakdown

Weighting Return Low Return High SUB % Rank
Municipal 		92.75% 44.39% 100.00% 88.87%
Cash & Equivalents 		3.17% 0.00% 44.41% 14.10%
Derivative 		0.00% -3.69% 53.54% 49.03%
Securitized 		0.00% 0.00% 5.93% 46.59%
Corporate 		0.00% 0.00% 9.41% 55.09%
Government 		0.00% 0.00% 52.02% 50.10%

Bond Geographic Breakdown

Weighting Return Low Return High SUB % Rank
US 		96.06% 0.00% 142.23% 84.96%
Non US 		0.00% 0.00% 23.89% 48.82%

SUB - Expenses

Operational Fees

SUB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.07% 0.01% 8.02% 99.46%
Management Fee 0.07% 0.00% 1.20% 1.41%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SUB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

SUB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SUB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 16.00% 0.00% 283.00% 44.80%

SUB - Distributions

Dividend Yield Analysis

SUB Category Low Category High SUB % Rank
Dividend Yield 2.16% 0.00% 14.51% 88.79%

Dividend Distribution Analysis

SUB Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SUB Category Low Category High SUB % Rank
Net Income Ratio 0.65% -0.53% 5.33% 94.09%

Capital Gain Distribution Analysis

SUB Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

SUB - Fund Manager Analysis

Managers

James Mauro

Start Date

Tenure

Tenure Rank

Jul 01, 2011

10.92

10.9%

Head of San Francisco Fixed Income Core PM at BlackRock, Inc. since 2020; Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2010 to 2014; Vice President of State Street Global Advisors from 2001 to 2010. James Mauro has been employed by BlackRock Fund Advisors and BlackRock Institutional Trust Company, N.A. (“BTC”) as a portfolio manager since 2011. Prior to joining BTC, Mr. Mauro was a Vice President at State Street Global Advisors. His primary responsibilities include management of all government, inflation linked and derivative strategies. Other responsibilities include hedging and managing risk across all asset classes through futures and option overlays. James joined State Street Corporation in 1993. Previously, he worked as a portfolio manager on the passive team where he co-managed several Bond Index portfolios.

Karen Uyehara

Start Date

Tenure

Tenure Rank

Jun 29, 2021

0.92

0.9%

Ms. Uyehara is a Director of BlackRock, which she joined in 2010. Ms. Uyehara is a portfolio manager and member of BlackRock’s Model-Based Fixed Income Portfolio Management Group. Prior to joining BlackRock, Ms. Uyehara was a portfolio manager at Western Asset Management Company from2002 to 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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