CGSM vs SUB: Grades, Fees and Holdings Compared

Capital Group Short Duration Municipal Income ETF

CGSMBNYSE Arca

iShares Short-Term National Muni Bond ETF

SUBANYSE Arca

Overlap

No data

Expense ratio

SUB −0.18pt a year

CGSM0.25%SUB0.07%

Avg volume · 30D

SUB 2.3×the volume

CGSM379KSUB860K

3Y return · a year

CGSM +1.4pt

CGSM+4.7%SUB+3.3%

CGSM vs SUB Performance

Oct 31, 2025 – Oct 30, 2026

+2.3%CGSM+2.1%SUB

Expense ratio: CGSM 0.25%; SUB 0.07%, better
Fund size: CGSM $1.72B; SUB $13.3B
1Y total return: CGSM +2.3%, better; SUB +2.1%
Yield (12M): CGSM 3.17%, better; SUB 2.57%
Holdings: CGSM 1131; SUB 3188
Avg volume (30D): CGSM 379K sh; SUB 860K sh, better
NAV per share: CGSM $26.11; SUB $105.87
52W range

ETF.net Grade

Pillar letters and Scores for CGSM, SUB, with each pillar’s weight
Pillar	CGSM	SUB
Cost30% weight	D39	A91Higher
Mission25% weight	A100	A100
Risk15% weight	C54Higher	C44
Tradability15% weight	C46	B60Higher
Holdings10% weight	A75	A81Higher
Durability5% weight	A71	A94Higher

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. CGSM and SUB are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds

See all 27 ›

SUB ranks 2nd and CGSM 13th of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 81
Rank 2ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 2AVSDMVanguard Short Duration Tax-Exempt Bond ETFScore 80
Rank 11BMEARiShares Short Maturity Municipal Bond Active ETFScore 64
Rank 13BCGSMCapital Group Short Duration Municipal Income ETFScore 62
Rank 14BTMNST. Rowe Price Short Municipal Income ETFScore 61

Our read on each fund

ETF.net Research

CGSMBCapital Group Short Duration Municipal Income ETF

SUBAiShares Short-Term National Muni Bond ETF

In short

CGSM Muni income on a short leash: about 600 municipal bonds kept at the short end for federally tax-exempt income, paid monthly, at 0.25% a year. Less rate whiplash than long-dated muni portfolios, and priced under the muni-fund middle.

SUB Munis, but only the near end of the curve. Since 2008 SUB has tracked an AMT-free index of investment-grade municipal bonds maturing inside five years, paying tax-exempt income monthly with far less rate sensitivity than long-dated muni funds.

Stated mandate

CGSM The fund seeks current income exempt from regular federal income tax while maintaining a short-duration profile and preserving capital.

SUB The fund seeks to track an index of short-term, investment-grade U.S. municipal bonds maturing from one month through five years, providing tax-exempt income while managing interest-rate risk.

Why people hold it

CGSM Short duration is the point: bonds maturing sooner move less when rates do, so the ride tends to be milder than a long-dated muni portfolio's.
0.25% a year sits below the muni-ETF middle, and the income it targets is exempt from regular federal income tax.
About 600 bonds, monthly distributions, and a multi-billion-dollar asset base that keeps the fund reasonably easy to get in and out of.
One of the stronger showings in a crowded muni bond field, where most of the shelf is long-duration and index-tracking.

SUB Charges 0.07% a year against a category median near 0.30%. On tax-exempt bond income, that fee gap is a meaningful slice of what actually reaches you.
Two dials set on purpose: maturities from one month to five years, and an AMT-free index, so neither rate swings nor the alternative minimum tax hit the same way.ishares.com
A multi-billion-dollar fund running since 2008 under iShares, with tight tracking of its ICE benchmark. One of the sturdier implementations in the muni group.
Pays monthly, so the tax-exempt income arrives on a regular cadence rather than in quarterly lumps.

Worth knowing

CGSM Plain index muni funds cost less: VTEB and SCMB charge 0.03% against 0.25% here. That gap is the price of a managed short-duration portfolio.
Federal tax exemption is not blanket tax-free. State and local treatment depends on where you live and where the bonds were issued.
It opened in 2023, so the record is short next to muni funds that have seen more rate cycles.

SUB The five-year ceiling is the whole design, and it cuts both ways: less rate sensitivity, but a shorter stretch of the curve to draw income from than full-maturity muni funds.
This is a national portfolio. Single-state funds like NYF chase a home-state tax break that a nationwide muni basket cannot offer.
Broad-maturity peers VTEB and SCMB run at 0.03%. The short-end tilt here costs a few basis points more.

Full CGSM profile⁠

Full SUB profile⁠

CGSM vs SUB Holdings

How CGSM and SUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector11 Sectors0.0%
Countryby domicile98.7%
Asset classFixed Income100%

Sector

Sector weights in CGSM and SUB, widest gap first
Sector	More in CGSMMore in SUB	CGSM	SUB
Municipal	CGSM +93.3 points	93.3%	0.0%
State Tax-Backed	SUB +33.5 points	0.0%	33.5%
Local Tax-Backed	SUB +20.6 points	0.0%	20.6%
Utility	SUB +15.6 points	0.0%	15.6%
School Districts	SUB +11.5 points	0.0%	11.5%
Transportation	SUB +9.5 points	0.0%	9.5%
Education	SUB +6.4 points	0.0%	6.4%
Government	CGSM +4.5 points	4.5%	0.0%
Prerefund/Escrow	SUB +2.9 points	0.0%	2.9%
Corporate	CGSM +2.2 points	2.2%	0.0%
Corporate Muni	SUB +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in CGSM and SUB, widest gap first
Country	More in CGSMMore in SUB	CGSM	SUB
United States	SUB +1.3 points	98.7%	100.0%
Puerto Rico	CGSM +1.3 points	1.3%	0.0%

Concentration

Weight in the 10 largest Holdings

CGSM7.1%
SUB3.3%

Securities held

CGSM1,082
SUB2,459

Asset class

CGSM: Fixed Income
SUB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CGSM holds 1,082 securities, SUB 2,459.

All 573 CGSM holdings⁠All 3,128 SUB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CGSM vs SUB Cost

Overpaying CGSM vs SUB

$3,679

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CGSM 0.25%
$5,159
SUB 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

CGSM 0.25%
SUB 0.07%
Overpaying

Year by year

Year	CGSM	SUB	Overpaying
10	$455	$128	$327
20	$1,769	$503	$1,266
30	$5,159	$1,480	$3,679

Expense ratio

0.25%CGSM
0.07%SUB, cheaper

SUB0.07%CGSM0.25%

0.05%0.55%

Middle half of Short-Duration Municipal Bonds funds
Median 0.21%

SUB 3rd cheapest of 27 funds

CGSM 15th cheapest of 27 funds

CGSM vs SUB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CGSM 3.17%, better; SUB 2.57%
Payout (12M): CGSM $0.83; SUB $2.73
Last payment: CGSM $0.06; SUB $0.23
Ex-dividend: CGSM Oct 30, 2026; SUB Oct 1, 2026
Paid on: CGSM Pays Nov 2, 2026; SUB Oct 6, 2026
Frequency: CGSM Monthly; SUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CGSMMonthly · 37 paymentsAll CGSM payments⁠

SUBMonthly · 45 paymentsAll SUB payments⁠

CGSM vs SUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CGSM 2.7%SUB 2.0%, better
Return per unit of riskSharpe ratio, 3 years: CGSM 0.06, betterSUB −0.59
Worst fallMax drawdown, 5 years: CGSM −2.4%since Sep 2023SUB −4.0%
Market sensitivityBeta, 5 years: CGSM 0.11SUB 0.26; Market = 1

CGSM and SUB in the news

All news⁠

New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026SUB
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026SUB

Popular comparisons

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CGSM vs SUB

In short

Stated mandate

Why people hold it

Worth knowing

How CGSM and SUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

How CGSM and SUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings