Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Simplify National Muni Bond ETF
$23.27+0.34 (+1.46%)
- 0.52%
- $45M
- −5.0%
- 5.27%
- 0M sh
- $22.98
- low $22.66high $26.14
The ETF.net NMB Grade
D
Score 31 out of 100
- 60 of 63
Score 31 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F11 out of 100Rank 56 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.B61 out of 100Rank 52 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D37 out of 100Rank 58 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F19 out of 100Rank 57 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D30 out of 100Rank 58 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F23 out of 100Rank 55 of 63
Our read on NMB
DMost national muni ETFs are cheap index trackers. NMB goes the other way: an actively managed muni portfolio run by credit specialists, with an options-selling sleeve stacked on top for extra income.
The fund’s current stated objective is to maximize total return.
Why people hold it
- Two income engines in one wrapper: tax-free muni coupons plus a risk-managed options-selling strategy that writes spreads across equity, bond and commodity indices and ETFs.simplify.us
- Sub-advised by Foundation Credit, a specialist credit firm, hunting the fragmented muni market for bonds that passive index mandates leave behind.simplify.ussimplify.us
- Holds mainly investment-grade municipals with no set duration limits, so the managers can roam the curve instead of matching an index's maturity profile.simplify.ussimplify.us
Worth knowing
- Costs 0.52% a year against a 0.30% median for national muni funds. That is the price tag on active management plus the options overlay.
- The options income and opportunistic trading gains are taxable, so the payout is not purely tax-exempt the way a plain index muni fund's is.simplify.us
- A small, lightly traded fund launched in 2024, holding roughly 70 bonds, with distributions that have not followed a fixed calendar.
NMB Holdings
- Bonds
- 38
- 43%
- Cash
Sectors
- Municipal100.0%
Geography
- United States100.00%
NMB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
NMB$9,505
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | NMB |
|---|---|
| Year to date | −4.8% |
| 1 month | −3.0% |
| 3 months | −6.8% |
| 1 year | −5.0% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | NMB |
|---|---|---|
| 2026 YTD | −4.8% | |
| 2025 | +8.0% | |
| 2024 | −1.9% |
NMB in the news
NMB Dividends
- 5.27%
- $1.21
- $0.08 per share
- Monthly
Distribution history
NMB Risk
- 11.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.28
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −13.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.41
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
NMB Cost
0.52%
NMB0.52%
- The middle half of Other Municipal Bond funds
- Median 0.30%
55 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- DJTNYJPMorgan New York Tax Free Bond ETFExpense ratio 0.43%1 year return —
- DXMPTVanEck CEF Muni Income ETFExpense ratio 3.40%1 year return −7.3%
- DFECMFirst Eagle Core Municipal ETFExpense ratio 0.40%1 year return —
- FRTAIRareview Tax Advantaged Income ETFExpense ratio 5.24%1 year return −8.2%
- FYYYMAmplify ETF Trust - Amplify Municipal CEF High Income ETFExpense ratio 2.78%1 year return —