At a glance
NYF charges 0.09% a year, below the 0.2% average of the 7 funds most like it (the 4th cheapest of 8). It has $1.46B in assets, the 8th largest of that group; it paid 3.21% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.4% with distributions reinvested, 6th of those 8 funds; over three years it returned +4.1% a year. At its worst it fell 11.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low. Its ten largest positions make up 5.2% of the fund, out of 918 in all.
The short version
iShares New York Muni Bond ETF (NYF), from BlackRock, tracks an index of investment-grade, tax-exempt bonds issued by New York State and its cities and agencies, with a 5% slice from other states. Its interest is mostly free of federal and New York state income tax and the alternative minimum tax. At 0.09%, it costs less than the 0.20% average for similar muni funds, though national funds MUB and VTEB charge less.
Price history
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NYF -0.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NYF official prospectus, to Dec 31, 2025 | — | +3.48% | — | +0.72% | +1.94% | — |
| ICE BofA US Municipal Securities Index index, same period | — | +3.92% | — | +0.81% | +2.37% | — |
| ICEAMT Free US National Municipal Index index, same period | — | +3.90% | — | — | — | — |
| NYF price data to Oct 27, 2026 | -0.6% | -0.4% | +4.1% | +0.5% | — | +0.9% |
- Over the year to Oct 27, 2026, NYF returned -0.4%, 6th of 8 among similar funds.
- Its 5-year annualized return was +0.5%.
- Its worst full calendar year was 2022 (-7.7%); its best was 2023 (+5.8%).
- The deepest fall in its price history was 12.7% (Jul 20, 2021 to Oct 25, 2022), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.6% | — |
| 2025 | +3.6% | +3.48% |
| 2024 | +1.1% | +1.01% |
| 2023 | +5.8% | +6.22% |
| 2022 | -7.7% | -7.91% |
| 2021 | +1.4% | +1.39% |
| 2020 | — | +4.18% |
| 2019 | — | +6.74% |
| 2018 | — | +0.57% |
| 2017 | — | +4.37% |
| 2016 | — | +0.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.7% over that stretch · deepest drop along the way 11.6%, back to its old high 24.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2500 | |
| 2025 | $1.6000 | +8.8% |
| 2024 | $1.4700 | +14.0% |
| 2023 | $1.2900 | +19.4% |
| 2022 | $1.0800 | 0.0% |
| 2021 | $1.0800 |
What's inside
As of Aug 31, 2026, the fund held 918 securities; the ten largest made up 5.21% of assets, and 2.89% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| New York State Dormitory Authority Bonds and notes | 0.76% | |
| Port Authority of New York & New Jersey Bonds and notes | 0.66% | |
| Metropolitan Transportation Authority Bonds and notes | 0.59% | |
| Triborough Bridge & Tunnel Authority Bonds and notes | 0.52% | |
| New York State Thruway Authority Bonds and notes | 0.52% | |
| Battery Park City Authority Bonds and notes | 0.46% | |
| New York State Dormitory Authority Bonds and notes | 0.45% | |
| Port Authority of New York & New Jersey Bonds and notes | 0.44% | |
| New York State Dormitory Authority Bonds and notes | 0.42% | |
| New York State Dormitory Authority Bonds and notes | 0.41% | |
| Utility Debt Securitization Authority Bonds and notes | 0.39% | |
| Empire State Development Corp. Bonds and notes | 0.38% | |
| New York State Dormitory Authority Bonds and notes | 0.38% | |
| New York State Dormitory Authority Bonds and notes | 0.37% | |
| New York City Municipal Water Finance Authority Bonds and notes | 0.37% |
By country
United States 95.82%By issuer
Municipalities 95.82%The bonds mature in 13.5 years on average (weighted by size), with an average coupon of 4.73%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $162.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.78%, -1.75%, -0.23%.
How it works
NYF tracks the ICE AMT-Free New York Plus Municipal Index. The index is run by ICE Data Indices, which is independent of BlackRock. It covers tax-exempt bonds in US dollars issued by New York State and its political subdivisions, plus a 5% weighting to bonds from other states. Each bond must be investment grade, meaning rated at least BBB- by S&P or Fitch, or Baa3 by Moody's. When a bond has more than one rating, the lowest one counts. It must also come from an offering of at least $20 million, have at least $5 million outstanding, and have at least one month left before it matures. As of February 28, 2026, the index held 6,725 New York issues.
Bonds are weighted by market value, with a cap that limits concentration. The index rebalances on the last calendar day of each month. BlackRock Fund Advisors uses representative sampling: instead of buying every bond, it holds a sample built to match the index's duration (how much prices react to interest-rate changes), maturity, credit quality and yield. At least 80% of assets go into index bonds. Up to 10% can go into futures, options, swaps or other bonds. Spare cash goes into affiliated municipal money market funds. As of August 31, 2026, the fund held 934 positions with an average maturity of 13.5 years, and its top ten made up just 5.21% of assets.
What it really costs
- NYF charges 0.09% a year, versus an average of 0.2% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $115 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NYF | $9 | $29 | $51 | $115 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
NYF pays interest monthly that is mostly exempt from federal and New York state income tax, which gives New York residents tax-efficient income in a taxable account.
NYF's trailing 12-month yield was 3.21% ($1.67 per share) as of October 27, 2026, and it pays every month. Under the SEC's standard example, $10,000 would cost $9 in fees over one year and $115 over ten. The price history used here starts in June 2020, so it doesn't cover 2008 or the 2020 crash. The prospectus does show a 4.18% gain for calendar 2020. Rising interest rates in 2022 hurt: the fund lost 7.91% that year and fell 11.6% from peak to low during the 2022 bear market. Its deepest drop, 12.7%, ran from July 2021 to October 2022 and took about 35 months to recover, finishing September 11, 2025. Anyone who had to sell shares in that stretch would have locked in losses, although the monthly income kept coming. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- New York residents in higher tax brackets who want monthly interest mostly free of federal and state income tax and the AMT, held in a taxable account.
- Cost-conscious investors who want an index approach: 0.09% a year against a 0.20% peer average, spread across 934 positions as of August 31, 2026.
- Investors who want a calmer complement to stocks. One-year volatility was 3.6% as of October 27, 2026, and the largest single holding was under 1%.
Look elsewhere if
- Investors holding bonds in an IRA or 401(k), where tax-exempt interest brings no extra tax benefit and taxable bonds often pay more.
- Investors outside New York, who lose the state tax break. MUB (0.05%) and VTEB (0.03%) cost less and spread risk across many states.
- Anyone uneasy with interest-rate swings. With a 13.5-year average maturity, NYF lost 7.91% in 2022 and needed about 35 months to recover its deepest drop.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NYF this fund | 13.5 yrs | 0.09% | $1.46B | -0.4% | +4.1% |
| MUB iShares National Muni Bond ETF | 13.5 yrs | 0.05% | $45.38B | -0.2% | +3.7% |
| CMF iShares California Muni Bond ETF | 12.4 yrs | 0.08% | $4.63B | -0.6% | +3.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
| ITM VanEck Intermediate Muni ETF | 12.4 yrs | 0.18% | $2.12B | -0.3% | +4.6% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| JMUB JPMorgan Municipal ETF | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
Questions investors ask
Is NYF interest tax-free in New York?
Mostly, yes. NYF generally holds New York municipal bonds whose interest is exempt from federal income tax, New York state income tax and the federal alternative minimum tax. The prospectus adds that federally tax-exempt interest is also exempt from the 3.8% Medicare tax on net investment income. About 5% of the index comes from other states, and that portion won't carry the New York exemption. Capital gains from selling shares, or paid out by the fund, can still be taxed.
Does NYF pay monthly dividends?
Yes. NYF pays income every month. Its trailing 12-month yield was 3.21% as of October 27, 2026, or $1.67 per share over that period. The payments come from interest on the fund's New York municipal bonds, which had an average coupon of 4.73% as of August 31, 2026. Income can fall when bonds mature or are called early and the fund has to reinvest at lower rates.
What's the difference between NYF and MUB?
Both are iShares muni bond index funds with a 13.5-year average maturity, but MUB holds bonds from across the country while NYF focuses on New York. MUB costs 0.05% a year versus NYF's 0.09%, and it is far larger, with about $45.4 billion in net assets against NYF's $1.46 billion as of August 31, 2026. NYF's main draw is that most of its interest is also exempt from New York state income tax. In exchange, it carries more New York-specific risk.
What is NYF's expense ratio?
NYF's expense ratio is 0.09% a year, according to its prospectus filed June 18, 2026. In the SEC's standard example ($10,000 invested, 5% annual return), that comes to $9 after one year, $51 after five and $115 after ten. That ranks 4th cheapest of 8 among similar muni funds, whose average is 0.20%. National funds VTEB (0.03%) and MUB (0.05%) cost less.
How has NYF performed over the long term?
Returns have been modest. As of December 31, 2025, NYF's average annual return was 3.48% over one year, 0.72% over five years and 1.94% over ten years. Over the same periods, the broad ICE BofA US Municipal Securities Index returned 3.92%, 0.81% and 2.37%. Its worst year in the past decade was 2022, a loss of 7.91%, when interest rates rose sharply. Its strongest quarter was a 7.34% gain in the last quarter of 2023.