iShares Short-Term National Muni Bond ETF
iShares Trust · Series S000023507 · 1 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The iShares Short-Term National Muni Bond ETF (the Fund ) 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.
The fund tracks the ICE Short Maturity AMT-Free US National Municipal Index using representative sampling, holding a sample of investment-grade municipal bonds with maturities between one month and five years that collectively mirrors the index's characteristics. Because the fund may not hold all index constituents, its returns can diverge from the index. The fund maintains a weighted average maturity under three years and invests at least 80% of assets in index components.
| Share class | Expense ratio |
|---|---|
| SUB | 0.07% |
Portfolio turnover 29.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 94.95% |
| Cash & short-term | 5.46% |
Latest quarter
What changed since the fund's previous filing
Largest new: New York City Municipal Water Finance Authority, City of New York ×2, Orlando Utilities Commission, Triborough Bridge & Tunnel Authority, State of California, City of Phoenix Civic Improvement Corp., State of North Carolina
Largest exited: Empire State Development Corp., Connecticut State Health & Educational Facilities Authority, State of Minnesota, South Carolina Public Service Authority, State of California ×2, State of Texas, New York State Dormitory Authority
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 | 94.9% |
| Floating rate | 2.6% |
| Zero-coupon or unclassified | 2.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 18.6% |
| 1-3y | 40.0% |
| 3-5y | 34.6% |
| 5-10y | 2.8% |
| 10y+ | 4.0% |
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 | +1.84 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 | 0.06 yr | 4% |
| 1 yr | 0.58 yr | 32% |
| 5 yr | 1.18 yr | 65% |
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.56 yr | 31% |
| 5 yr | 1.24 yr | 67% |
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 | +0.06 | +0.04 | +0.00 | $44.4k | $440 |
| 1 yr | +0.58 | +0.56 | +0.00 | $632.3k | $3.8k |
| 5 yr | +1.18 | +1.24 | +0.00 | $1.39m | $3.4k |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $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 | 0.59% | $66.86M | — |
| — | New Jersey Economic Development Authority5.00% · due 2028-03-01 | 0.36% | $41.14M | — |
| — | County of King | 0.35% | $39.12M | — |
| — | San Antonio Water System | 0.28% | $31.26M | — |
| — | State of California5.00% · due 2029-08-01 | 0.27% | $30.82M | — |
| — | City of Seattle | 0.27% | $30.90M | — |
| — | Empire State Development Corp.5.00% · due 2028-09-15 | 0.25% | $28.35M | — |
| — | Pennsylvania Turnpike Commission | 0.25% | $27.95M | — |
| — | University of California5.00% · due 2030-05-15 | 0.25% | $27.87M | — |
| — | New Jersey Turnpike Authority5.00% · due 2030-01-01 | 0.25% | $27.75M | — |
Top 10 positions are 3.13% of net assets, top 25 6.25%, across 657 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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