SUB

The iShares Short‑Term National Muni Bond ETF (SUB) invests in U.S. investment‑grade municipal bonds that are exempt from federal income tax, focusing on short‑term issues with maturities from one month to five years and covering a broad range of sectors such as state‑backed, local‑backed, utility and school‑district issuers across the United States. The fund seeks to track the ICE Short‑Maturity AMT‑Free US National Municipal Index by using a representative‑sampling approach to mirror the index’s composition and risk profile. Because it offers federally tax‑free income with limited interest‑rate sensitivity, SUB may suit investors who are in higher tax brackets, desire short‑duration, low‑volatility exposure to municipal debt, or need a conservative income component within a diversified portfolio.