ETF Evaluator: iShares Long-Term National Muni Bd ETF () Follow This ETF

iShares Long-Term National Muni Bd ETF Overview

iShares Long-Term National Muni Bd ETF (LMUB) is a passively managed Municipal Bond Muni National Long exchange-traded fund (ETF). iShares launched the ETF in 2025.

The investment seeks to track the investment results of the ICE AMT-Free U.S. Long National Municipal Index. The underlying index includes municipal bonds, the interest of which is exempt from federal income taxes and not subject to alternative minimum tax. 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 BFA believes will help the fund track the underlying index. The fund is non-diversified.

About iShares Long-Term National Muni Bd ETF (LMUB)

There are 3 members of the management team with an average tenure of 1.12 years: James Mauro (2025), Jonathan Graves (2025) and Marcus Tom (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: ICE AMT-Free US L National Muni TR USD index with a weighting of 100%. iShares Long-Term National Muni Bd ETF has 794 securities in its portfolio. The top 10 holdings constitute 10.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

iShares Long-Term National Muni Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. iShares Long-Term National Muni Bd ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.7% (96.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares Long-Term National Muni Bd ETF has 3.3% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $744 million average for the Muni National Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

LMUB Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares Long-Term National Muni Bd ETF expense ratio is low compared to funds in the Muni National Long category. iShares Long-Term National Muni Bd ETF has an expense ratio of 0.09%, which is 83% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares Long-Term National Muni Bd ETF has a portfolio turnover rate of 11%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 22% for the Muni National Long category.

Recently, in the month of July 2026, iShares Long-Term National Muni Bd ETF returned -2.6%, which earned it a grade of F, as the Muni National Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

iShares Long-Term National Muni Bd ETF has a trailing yield of 3.85%, which is below the 4.12% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

iShares Long-Term National Muni Bd ETF Grades

Year to date, the ETF has returned 0.5%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.6% over the past year (grade of B).

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