SUB's largest holdings are New Jersey (State of) Economic Development Authority, New York City Transitional Finance Authority Future Tax Secured, BlackRock Liquidity Funds MuniCash, California (State of), New York City Municipal Water Finance Authority. The full top list is on this page.

How concentrated is SUB?

The top 10 holdings are 2.7% of the fund, across 2,966 positions.

The total expense ratio on record is 0.07%. That is cheaper than 87% of the 864 US-listed bond funds we track.

US-listed · United States

SUB

iShares Short-Term National Muni Bond ETF

US4642881589 · BlackRock (iShares)

2,966 holdings as of 2026-08-27 · top 10 = 2.7% · TER 0.07%

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Concentration

Well diversifiedtop 10 = 2.7%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

2,966

as of 2026-08-27

Top 10

2.7%

TER

0.07%

cheaper than 87% of peers

Net assets

US$11.6B

reported in USD

Largest

0.4%

P / E

–

Sections

Holdings as of 2026-08-27.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

1.4%

Tracked index

ICE Short Maturity AMT-Free US National Municipal Index

02Performance

market price return · as of 2026-09-11

-0.8%

-0.9%

-1.3%

YTD

-1.1%

-1.7%

Trackingfund minus ICE Short Maturity AMT-Free US National Municipal Index · annualised

1Y return gap

-0.07 pp/yr

3Y return gap

-0.10 pp/yr

5Y return gap

-0.08 pp/yr

3Y tracking error

0.08%

A positive return gap means the fund finished ahead of the index over that window. The 3Y tracking error shows how variable that monthly gap was; lower means steadier tracking. MethodologyReturn gap and tracking errorReturn gap is the fund's return minus its index over the same months, converted to a yearly rate. Tracking error is the annualised standard deviation of those monthly fund-minus-index returns. Both lines come from the manager's own chart, in the same currency and the exact index variant the fund tracks. We use month-end values so different intraday valuation times are not mistaken for tracking error.. Not investment advice.

03Holdings

50 largest · as of 2026-08-27

#	Company	Identifier	Weight
1	New Jersey (State of) Economic Development Authority US	US64577XEQ51	0.4
2	New York City Transitional Finance Authority Future Tax Secured US	US64972JWP91	0.3
3	BlackRock Liquidity Funds MuniCash US	MCSXX	0.3
4	California (State of) US	US13063EDB92	0.3
5	New York City Municipal Water Finance Authority US	US64972GC857	0.3
6	Triborough Bridge & Tunnel Authority US	US89602RPH20	0.2
7	New York State Urban Development Corp. US	US650036FA94	0.2
8	University of California US	US91412HWB58	0.2
9	New Jersey (State of) Turnpike Authority US	US646140JM63	0.2
10	California (State of) US	US13063DZ921	0.2
11	California (State of) US	US13063DN877	0.2
12	SEATTLE WASH MUN LT & PWR REV US	US812643H643	0.2
13	GEORGIA ST US	US373385QU02	0.2
14	City of New York NY US	US64966SVT04	0.2
15	Massachusetts (Commonwealth of) US	US57582NUZ67	0.2
16	State of Connecticut Special Tax Revenue US	US207758Y563	0.2
17	New York City Transitional Finance Authority Future Tax Secured Revenue US	US64972JYW25	0.2
18	City of New York NY US	US64966SPX89	0.2
19	Pennsylvania (Commonwealth of) US	US70914PL838	0.2
20	County of King WA Sewer Revenue US	US495290ET12	0.2
21	State of New Jersey US	NJS	0.2
22	Ohio (State of) Water Development Authority US	US67765QFY70	0.2
23	New York (City of), NY Transitional Finance Authority US	US64972JJL35	0.2
24	Connecticut State Health & Educational Facilities Authority US	US20775DZS43	0.2
25	Kentucky State Property & Building Commission US	US49151F6Y16	0.2
26	State of Georgia US	US373385KA02	0.2
27	Minnesota Public Facilities Authority State Revolving Fund US	US604115DT96	0.2
28	City of Houston TX Combined Utility System Revenue US	US44244CN944	0.2
29	LOUISIANA (STATE OF) US	US546417MH63	0.2
30	San Antonio Water System US	US79642GTU66	0.2
31	CALIFORNIA ST US	US13063ESW74	0.2
32	State of Washington US	US93974FHD87	0.2
33	East County Advanced Water Purification Joint Powers Authority US	EAWWTR	0.2
34	New Jersey Educational Facilities Authority US	US646067EJ39	0.2
35	Washington (State of) US	US93974EB889	0.2
36	Houston (City of), TX US	US442331K860	0.2
37	Los Angeles Department of Water & Power US	US544532QE75	0.2
38	Board of Governors of Colorado State University System US	US196707Y498	0.2
39	New Jersey (State of) US	US646039YM35	0.2
40	State of Washington US	US93974EUU80	0.2
41	University of California US	US91412HTP81	0.2
42	New York State Dormitory Authority US	US64990FJ625	0.2
43	New Jersey Educational Facilities Authority US	US646067KD94	0.2
44	LOS ANGELES CALIF UNI SCH DIST US	US544647MT41	0.2
45	Los Angeles Department of Water & Power Water System Revenue US	LOSUTL	0.2
46	Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs) US	US92778VFF04	0.2
47	New York State Dormitory Authority US	US64990KGB35	0.2
48	Illinois (State of) US	US452152Q617	0.2
49	MINNESOTA ST US	US60412AJ203	0.2
50	University of California US	US91412HTM50	0.2

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04Exposure

Bonds 96.7%Cash 3.0%

By country

USUnited States101.5%

CurrencyUSD 101.5%

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