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Tuesday, October 27, 2026 · Today’s edition, 6:30 a.m. ETTue, Oct 27 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in
Private Wealth Daily
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IVV763.25▼ 0.54%SPY759.97▼ 0.52%VOO522.67▼ 0.95%QQQ704.40▼ 0.01%VTI281.03▼ 0.75%IEFA95.68▼ 0.49%VEA50.10▼ 5.13%VUG382.92▼ 0.26%GLD366.61▼ 0.65%IWF125.62▲ 0.18%AGG98.11▲ 0.18%VTV172.16▼ 1.38%IJH72.73▼ 0.41%XLK183.23▲ 0.49%SGOV100.62▲ 0.00%BND73.05▼ 2.74%IJR137.78▼ 0.26%ITOT167.42▼ 0.07%RSP210.26▼ 0.50%VIG194.19▼ 1.95%IWD251.42▼ 0.49%IVW142.36▲ 0.11%VWO46.57▼ 2.68%VXUS61.85▼ 4.46%EFA102.63▼ 0.50%VGT582.30▼ 0.72%IWM275.75▼ 0.33%VO262.71▼ 0.42%
SUBISharesINDEX

iShares Short-Term National Muni Bond ETF

$105.94+0.12% vs prior close
10410752-WK

Price through Oct 26, 2026 · Flows through Oct 26, 2026. Figures use the latest available records, not a live quote. Fund details retrieved Oct 26, 2026. Holdings snapshot retrieved Oct 26, 2026.

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 the advisor believes will help the fund track the underlying index. The underlying index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax.

SUB price

Source: Market tape, daily closes; price return, distributions not reinvested
Table
DateSUB close
Jul 27, 2026$106.13
Jul 28, 2026$106.04
Jul 29, 2026$106.03
Jul 30, 2026$106.14
Jul 31, 2026$106.15
Aug 3, 2026$105.97
Aug 4, 2026$106.07
Aug 5, 2026$106.19
Aug 6, 2026$106.22
Aug 7, 2026$106.26
Aug 10, 2026$106.28
Aug 11, 2026$106.28
Aug 12, 2026$106.31
Aug 13, 2026$106.33
Aug 14, 2026$106.28
Aug 17, 2026$106.22
Aug 18, 2026$106.27
Aug 19, 2026$106.29
Aug 20, 2026$106.32
Aug 21, 2026$106.30
Aug 24, 2026$106.34
Aug 25, 2026$106.36
Aug 26, 2026$106.38
Aug 27, 2026$106.36
Aug 28, 2026$106.30
Aug 31, 2026$106.28
Sep 1, 2026$105.92
Sep 2, 2026$105.91
Sep 3, 2026$105.89
Sep 4, 2026$105.89
Sep 8, 2026$105.83
Sep 9, 2026$105.68
Sep 10, 2026$105.43
Sep 11, 2026$105.51
Sep 14, 2026$105.47
Sep 15, 2026$105.45
Sep 16, 2026$105.41
Sep 17, 2026$105.43
Sep 18, 2026$105.27
Sep 21, 2026$105.28
Sep 22, 2026$105.11
Sep 23, 2026$104.83
Sep 24, 2026$104.58
Sep 25, 2026$104.40
Sep 28, 2026$104.24
Sep 29, 2026$104.15
Sep 30, 2026$104.54
Oct 1, 2026$104.57
Oct 2, 2026$104.54
Oct 5, 2026$104.50
Oct 6, 2026$104.56
Oct 7, 2026$104.44
Oct 8, 2026$104.61
Oct 9, 2026$104.79
Oct 12, 2026$104.85
Oct 13, 2026$105.02
Oct 14, 2026$104.99
Oct 15, 2026$105.28
Oct 16, 2026$105.28
Oct 19, 2026$105.28
Oct 20, 2026$105.31
Oct 21, 2026$105.41
Oct 22, 2026$105.76
Oct 23, 2026$105.81
Oct 26, 2026$105.94

Weekly net flows, 3M

Net inflow over the range: +$1.8B

  • Inflow / above zero
  • Outflow / below zero
Jul 27Aug 3Aug 10Aug 17Aug 24Aug 31Sep 7Sep 14Sep 21Sep 28Oct 5Oct 12+$368.6MOct 19−$25MOct 26Jul 27Aug 10Aug 24Sep 7Sep 21Oct 5+$368.6M−$25MOct 26Jul 27Aug 24Sep 21+$368.6M−$25MOct 26
Source: Daily creation and redemption records
Show as table
LabelValue ($)
Jul 27$5.3M
Aug 3$37.1M
Aug 10$79.5M
Aug 17$68.9M
Aug 24$90.1M
Aug 31$42.4M
Sep 7$15.8M
Sep 14$168M
Sep 21$47.3M
Sep 28$239.4M
Oct 5$360.1M
Oct 12$351.8M
Oct 19$368.6M
Oct 26−$25M
The desk’s read

Money keeps arriving — +$1.3B of net inflows over the past month, about 9.8% of the fund's asset base, while the price has returned -0.7% so far this year. At 0.070% a year it is not the cheapest way in — IVV has a reported fee of 0.03%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$13.2Bassets under management
0.070%expense ratio · $7 per $10,000 a year
+$1.3Bnet flow, trailing month
1.8Mavg daily volume, 30 days
2479holdings · US-domiciled
2008listed November 5, 2008 · beta 0.03
The book at a glance
—0.3%—0.3%—0.3%—0.3%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.2%—0.1%—0.1%—0.1%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS THE CHANGE IN THE LATEST AVAILABLE SNAPSHOT · TOP 40 POSITIONS

Holdings
#HoldingWeightPriceDay52-wk
1—CALIFORNIA ST0.28%———
2—NEW YORK ST URBAN DEV CORP REV0.26%———
3—UNIVERSITY CALIF REVS0.25%———
4—NEW JERSEY ST TPK AUTH TPK REV0.25%———
5—CALIFORNIA ST0.24%———
6—CALIFORNIA ST0.24%———
7—CONNECTICUT ST SPL TAX OBLIG R0.22%———
8—NEW JERSEY ST0.22%———
9—NEW YORK N Y0.21%———
10—NEW YORK N Y CITY TRANSITIONAL0.21%———
11—MASSACHUSETTS ST0.21%———
12—OHIO ST WTR DEV AUTH REV0.21%———
13—CONNECTICUT ST HEALTH & EDL FA0.21%———
14—PENNSYLVANIA ST0.20%———
15—NEW YORK N Y CITY TRANSITIONAL0.20%———

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Sector weights

  • State Tax-Backed31.99%
  • Local Tax-Backed19.48%
  • Utility14.4%
  • School Districts10.73%
  • Transportation8.6%
  • Education6.43%
  • Cash and/or Derivatives4.39%
  • Prerefund/Escrow3.77%
  • Other Industries0.11%
Source: Portfolio composition, latest disclosure
Show as table
ItemValue (%)
State Tax-Backed31.99%
Local Tax-Backed19.48%
Utility14.4%
School Districts10.73%
Transportation8.6%
Education6.43%
Cash and/or Derivatives4.39%
Prerefund/Escrow3.77%
Other Industries0.11%
Performance
1 week+0.6%
1 month+1.5%
3 months+0.0%
6 months-0.7%
YTD-0.7%
1 year—
3 years—

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week+$139M
1 month+$1.3B
3 months+$1.8B
YTD+$2.8B
1 year+$3.2B

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows

  • Inflow / above zero
  • Outflow / below zero
−$5.2MOct+$37.5MNov+$309.6MDec+$294.3MJan+$107MFeb+$148.9MMar+$181.5MApr+$74.2MMay+$190.8MJul+$274.2MAug+$462.1MSep+$1.1BOctOctNovDecJanFebMarAprMayJulAugSep+$1.1BOctOctDecFebAprJul+$1.1BOct
Source: Daily creation/redemption records, trailing twelve months
Show as table
LabelValue ($)
Oct−$5.2M
Nov$37.5M
Dec$309.6M
Jan$294.3M
Feb$107M
Mar$148.9M
Apr$181.5M
May$74.2M
Jul$190.8M
Aug$274.2M
Sep$462.1M
Oct$1.1B
The risk read
2%realized volatility, 30 days (annualized)
2%realized volatility, 1 year
-3.1%deepest fall from a peak, 1 year
-1.4%latest close versus that peak

The top holding is 0.4% of the book; the top ten carry 3%. Spread across 250+ names, it behaves like roughly 225 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against SUB

Due diligence cuts both ways. These funds sit on the same shelf and beat SUB on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16.4B+$489M-4bp on fee · +$489M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$123.5B+$2.3B-2bp on fee · 9× the assets · +$2.3B in over the monthHead-to-head
SPTS State Street SPDR Portfolio Short Term Treasury ETF0.03%$7.1B+$1.4B-4bp on fee · +$1.4B in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.7B+$51M-3bp on fee · 2× the assets · +$51M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.6B+$412M-3bp on fee · +$412M in over the monthHead-to-head
Sign in to save this to The RecordA timestamped copy for the file — documentation, not advice.
InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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