As of Jul 11, 2025, iShares High Yield Muni Income Active ETF has 3,105 shares failed to deliver, representing 1.81% of the average daily volume of 171,117 shares. Over the past year, the monthly average FTD is 16,277 shares, with the current level 81% below the historical average, indicating low settlement pressure. The weighted FTD ratio above 1% suggests potential liquidity constraints or heightened short-selling activity.