iShares National Muni Bond ETF
iShares Trust · Series S000018861 · 1 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The iShares National Muni Bond ETF (the Fund ) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds.
The fund tracks the ICE AMT-Free US National Municipal Index using representative sampling, holding a sample of investment-grade municipal bonds issued by U.S. states and municipalities rather than all index constituents. Because the fund does not hold all components of the index, its returns may diverge from the index it seeks to track. The fund invests at least 80% of assets in index securities and may use futures, options, and swaps to optimize tracking.
| Share class | Expense ratio |
|---|---|
| MUB | 0.05% |
Portfolio turnover 11.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.56% |
| Cash & short-term | 3.97% |
Latest quarter
What changed since the fund's previous filing
Largest new: Orlando Utilities Commission, Long Island Power Authority, County of King, City of New York, New York City Transitional Finance Authority Future Tax Secured ×2, Metropolitan Transportation Authority, New York City Transitional Finance Authority
Largest exited: Connecticut State Health & Educational Facilities Authority ×2, City of Atlanta Water & Wastewater, Maryland Stadium Authority, University of Massachusetts Building Authority, Boulder Valley School District No. Re-2 Boulder, South Carolina Public Service Authority, State of California
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 96.7% |
| Zero-coupon or unclassified | 1.9% |
| Floating rate | 1.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.2% |
| 1-3y | 7.1% |
| 3-5y | 8.5% |
| 5-10y | 21.6% |
| 10y+ | 59.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.34 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 2.23 yr | 36% |
| 10 yr | 2.28 yr | 36% |
| 30 yr | 1.45 yr | 23% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.31 yr | 5% |
| 5 yr | 3.20 yr | 50% |
| 10 yr | 1.80 yr | 28% |
| 30 yr | 1.01 yr | 16% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.03 | +0.00 | $129.9k | $1.1k |
| 1 yr | +0.28 | +0.31 | +0.00 | $1.40m | $3.5k |
| 5 yr | +2.23 | +3.19 | +0.00 | $14.35m | $21.1k |
| 10 yr | +2.28 | +1.80 | +0.00 | $8.10m | $0 |
| 30 yr | +1.45 | +1.01 | +0.00 | $4.54m | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| MCSXX | BlackRock Liquidity FundsMCSXX | 1.28% | $574.31M | — |
| — | Board of Regents of the University of Texas System5.00% · due 2036-08-15 | 0.19% | $86.65M | — |
| — | New York State Thruway Authority5.00% · due 2048-03-15 | 0.15% | $68.62M | — |
| — | San Antonio Water System | 0.14% | $63.98M | — |
| — | Triborough Bridge & Tunnel Authority | 0.14% | $60.97M | — |
| — | New York City Transitional Finance Authority Future Tax Secured | 0.13% | $59.40M | — |
| — | New York State Dormitory Authority4.00% · due 2047-02-15 | 0.13% | $59.35M | — |
| — | Ohio State University (The)5.00% · due 2035-06-01 | 0.13% | $57.75M | — |
| — | Houston Higher Education Finance Corp.5.00% · due 2034-05-15 | 0.13% | $57.66M | — |
| — | Northwest Independent School District5.25% · due 2055-02-15 | 0.13% | $57.41M | — |
Top 10 positions are 2.55% of net assets, top 25 4.24%, across 781 issuers.
See more of this fund's book
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