ITM vs TAXE: Grades, Fees and Holdings Compared

VanEck Intermediate Muni ETF

ITMACboe

T. Rowe Price Intermediate Municipal Income ETF

TAXEANasdaq

Overlap

0.0%by weight

Expense ratio

ITM −0.06pt a year

ITM0.18%TAXE0.24%

Avg volume · 30D

ITM 6.8×the volume

ITM648KTAXE95.6K

ITM vs TAXE Performance

Oct 31, 2025 – Oct 30, 2026

+0.1%ITM+1.5%TAXE

Expense ratio: ITM 0.18%, better; TAXE 0.24%
Fund size: ITM $2.33B; TAXE $401M
1Y total return: ITM +0.1%; TAXE +1.5%, better
Yield (12M): ITM 3.08%; TAXE 3.73%, better
Holdings: ITM 1418; TAXE 755
Avg volume (30D): ITM 648K sh, better; TAXE 95.6K sh
NAV per share: ITM $45.60; TAXE $49.86
52W range

ETF.net Grade

Pillar letters and Scores for ITM, TAXE, with each pillar’s weight
Pillar	ITM	TAXE
Cost30% weight	A84Higher	A79
Mission25% weight	A100	A100
Risk15% weight	D39	C51Higher
Tradability15% weight	B65Higher	C41
Holdings10% weight	B68Higher	B65
Durability5% weight	A91Higher	C51

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. ITM and TAXE are both graded against the same 19 Intermediate Municipal Bonds funds, so their Grades compare head to head.

Intermediate Municipal Bonds⁠

Category · 19 funds

See all 19 ›

ITM ranks 2nd and TAXE 5th of 19 funds in the Intermediate Municipal Bonds Category.

Rank 1ATAXINorthern Trust Intermediate Tax-Exempt Bond ETFScore 84
Rank 2AITMVanEck Intermediate Muni ETFScore 77
Rank 3AEVIMEaton Vance Intermediate Municipal Income ETFScore 76
Rank 4AMMITNYLI MacKay Muni Intermediate ETFScore 72
Rank 5ATAXET. Rowe Price Intermediate Municipal Income ETFScore 71
Rank 6ACAMAB California Intermediate Municipal ETFScore 70

Our read on each fund

ETF.net Research

ITMAVanEck Intermediate Muni ETF

TAXEAT. Rowe Price Intermediate Municipal Income ETF

In short

ITM Most big muni ETFs buy the whole curve. ITM, running since 2007, sticks to the middle: a passive, AMT-free national index of roughly 1,400 bonds, paid out monthly, for 0.18% a year.

TAXE Most muni ETFs just buy the index. TAXE is T. Rowe Price's hand-picked version: roughly 200 intermediate municipal bonds chosen for federally tax-free income with moderate price movement, at 0.24% a year.

Stated mandate

ITM The fund seeks to track the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index before fees and expenses.

TAXE The fund seeks the highest level of income exempt from federal income taxes while maintaining moderate price fluctuation.

Why people hold it

ITM 0.18% a year against a 0.30% median for muni ETFs in its group. Modest for a fund that screens the maturity range instead of buying the entire market.
A straight index tracker of the ICE Intermediate AMT-Free Broad National Municipal Index, and it stays unusually close to that benchmark for its cohort.vaneck.com
Mid-curve by design: shorter maturities than long muni funds mean less price movement per shift in rates, with more coupon than the ultra-short end.vaneck.com
Roughly 1,400 bonds, income paid monthly, and a 2007 launch that puts several full rate cycles behind it.

TAXE At 0.24% a year it undercuts the typical muni ETF fee, unusual for a fund with a manager actually picking the bonds.
No index to copy. The mandate is plain: the highest federally tax-exempt income the managers can find while keeping price swings moderate.
The portfolio has stayed tightly aligned with that stated job, one of the stronger implementations among muni ETFs.
Pays monthly, spreading interest from about 200 intermediate munis across the calendar rather than in quarterly lumps.

Worth knowing

ITM Broad national trackers like VTEB, SCMB and MUB run at a few basis points. ITM's fee buys the intermediate screen, not the lowest sticker in the aisle.
Intermediate maturities soften rate moves rather than cancel them, and municipal issuers carry credit risk.
National in scope and AMT-free, so there is no single-state tax focus of the kind state-targeted peers like NYF are built around.

TAXE Cheap for active, still pricier than the index giants: VTEB and SCMB run at 0.03%. The gap is what you pay for human bond selection.
Trades lightly next to the largest muni ETFs, so bid-ask spreads can be wider, particularly on bigger orders.
Launched in 2024, so the track record is short and has not yet spanned a full interest-rate cycle.

Full ITM profile⁠

Full TAXE profile⁠

ITM vs TAXE Holdings

How ITM and TAXE differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ITM and 0.0% of TAXE.

Level by level

Holdings0 in both0.0%
Countryby domicile94.8%

Sector

No Sector split for ITM.

Country, concentration and asset class

Country by domicile

Country weights in ITM and TAXE, widest gap first
Country	More in ITMMore in TAXE	ITM	TAXE
United States	ITM +5.2 points	99.9%	94.7%
Guam	TAXE +5.2 points	0.1%	5.3%

Concentration

Weight in the 10 largest Holdings

ITM6.3%
TAXE10.6%

Securities held

ITM454
TAXE754

Asset class

ITM: Multi-Asset
TAXE: Fixed Income

Holdings

Only in ITM454
In both0
Only in TAXE754

Only in ITM

454 securities, 98.2% of ITM by weight

New York City Transitional Finance Auth4.06%
State Of California3.63%
New York State Dormitory Authority3.21%
California Community Choice Financing A2.71%
City Of New York Ny1.80%
Commonwealth Of Massachusetts1.67%
State Of Illinois1.35%
Black Belt Energy Gas District1.27%
Los Angeles Department Of Water & Power1.26%
New Jersey Transportation Trust Fund Au1.26%
Texas Water Development Board1.24%
California State Public Works Board1.22%
Metropolitan Transportation Authority1.16%
Colorado Health Facilities Authority1.14%
University Of California1.12%
State Of Washington1.09%
District Of Columbia Income Tax Revenue1.02%
Pennsylvania Turnpike Commission0.96%
State Of Delaware0.95%
State Of Connecticut0.92%
New York City Municipal Water Finance A0.91%
California Health Facilities Financing0.89%
Indiana Finance Authority0.89%
Massachusetts Development Finance Agenc0.86%
New Hampshire Business Finance Authorit0.80%
Illinois Finance Authority0.79%
New Jersey Educational Facilities Autho0.78%
New York State Thruway Authority0.76%
State Of Minnesota0.75%
Southeast Energy Authority A Cooperativ0.73%
North Texas Tollway Authority0.72%
Triborough Bridge & Tunnel Authority0.72%
State Of Ohio0.71%
State Of Maryland0.70%
State Of Wisconsin0.70%
Los Angeles Unified School District/Ca0.67%
New York State Urban Development Corp0.66%
Board Of Regents Of The University Of T0.59%
Michigan State Hospital Finance Authori0.59%
Port Authority Of New York & New Jersey0.59%
State Of Connecticut Special Tax Revenu0.58%
State Of Maryland Department Of Transpo0.56%
Energy Northwest0.52%
Private Colleges & Universities Authori0.49%
State Of North Carolina0.49%
State Of Louisiana0.47%
Los Angeles County Metropolitan Transpo0.47%
Washington Metropolitan Area Transit Au0.47%
Kentucky Public Energy Authority0.45%
Salem-Keizer School District No 24j0.45%

Only in TAXE

754 securities, 99.6% of TAXE by weight

Puerto Rico Sales Tax Fing Cor Prcgen 07/40 Fixed 4.3292.03%
Black Belt Energy Gas Dist Al Bbeutl 06/51 Adjustable Var1.47%
Univ Hosps Clinics Auth Wi Unvmed 04/48 Adjustable Var1.02%
Colorado St Hlth Facs Auth Rev Cosmed 12/52 Adjustable Var1.02%
Burleson Tx Indep Sch Dist Brlscd 08/40 Fixed 40.94%
Charlotte Mecklenburg Nc Hosp Chamed 01/37 Adjustable Var0.91%
Southeast Energy Auth Al Commo Seepwr 12/51 Adjustable Var0.87%
Salt Lake City Ut Arpt Revenue Salapt 07/34 Fixed 50.84%
Michigan St Hosp Fin Auth Mismed 08/55 Adjustable Var0.72%
Met Washington Dc Arpts Auth A Metapt 10/29 Fixed 50.72%
Dallas Fort Worth Tx Internati Dalapt 11/31 Fixed 50.66%
Black Belt Energy Gas Dist Al Bbeutl 07/33 Fixed 50.65%
Puerto Rico Cmwlth Prc 07/27 Fixed 5.6250.65%
Washington St Was 06/35 Fixed 50.64%
New York City Ny Transitional Nycgen 11/33 Fixed 50.63%
Fairfax Cnty Va Indl Dev Auth Faidev 05/42 Fixed 40.60%
South Carolina St Public Svc A Scsutl 12/31 Fixed 50.56%
Priv Clgs Univs Auth Ga Prihgr 09/33 Fixed 50.54%
Kentucky St Public Energy Auth Kyspwr 05/36 Fixed 50.53%
Virginia St Small Business Fin Vasdev 01/35 Fixed 50.52%
Wisconsin St Hlth Eductnl Fa Wismed 02/29 Fixed 50.52%
Clifton Tx Hgr Edu Fin Corp Ed Cliedu 02/42 Fixed Oid 4.3750.51%
Greeneville Tn Hlth Eductnl Gremed 07/36 Fixed 50.50%
Port Auth of New York New Je Portrn 07/38 Fixed 40.50%
Capital Projs Fl Fin Auth Stud Cpphsg 10/28 Fixed 50.49%
Energy S E Al A Cooperative Di Esdpwr 11/35 Fixed 50.48%
Colorado St Hlth Facs Auth Rev Cosmed 05/37 Fixed 50.48%
Priv Clgs Univs Auth Ga Prihgr 09/39 Fixed 50.47%
Atlanta Ga Arpt Passenger Fac Atlapt 07/39 Fixed 40.47%
Colorado St Cops Cosctf 12/37 Fixed 60.47%
Energy N W Wa Elec Revenue Enepwr 07/35 Fixed 50.46%
New York St Thruway Auth Nystrn 01/42 Fixed 40.46%
Puerto Rico Cmwlth Prc 07/31 Fixed 5.750.45%
Chandler Az Indl Dev Auth Indl Chadev 09/52 Adjustable Var0.44%
Salt Lake City Ut Arpt Revenue Salapt 07/29 Fixed 50.44%
Stafford Cnty Va Econ Dev Auth Stamed 06/32 Fixed 50.43%
Puerto Rico Cmwlth Prc 07/29 Fixed 5.6250.43%
Port of Seattle Wa Revenue Ptsgen 05/31 Fixed 50.43%
Maryland St Hlth Hgr Eductnl Mdsmed 07/31 Fixed 50.42%
California Cmnty Choice Fing A Ccedev 12/33 Fixed 5.50.41%
Aquarion Wtr Auth Ct Wtr Sys R Aquwtr 02/31 Fixed 5.250.40%
Philadelphia Pa Sch Dist Phiscd 09/31 Fixed 50.40%
Houston Tx Arpt Sys Revenue Houapt 07/40 Fixed 40.40%
Black Belt Energy Gas Dist Al Bbeutl 12/55 Adjustable Var0.39%
Black Belt Energy Gas Dist Al Bbeutl 12/34 Fixed 50.38%
Met Washington Dc Arpts Auth A Metapt 10/34 Fixed 50.38%
Massachusetts St Dev Fin Agy R Masdev 11/33 Fixed 50.38%
Denver City Cnty Co Arpt Rev Denapt 12/37 Fixed 50.38%
Tulsa Cnty Ok Indl Auth Senior Tulind 11/37 Fixed 5.250.38%
Michigan St Fin Auth Revenue Misfin 05/35 Fixed 50.37%

Weight gaps

ITM and TAXE share no securities.

All 1,365 ITM holdings⁠All TAXE 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.

ITM vs TAXE Cost

Overpaying TAXE vs ITM

$1,210

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

ITM 0.18%
$3,749
TAXE 0.24%
$4,959

Amount$10,000

Years30 years

Cost over time

ITM 0.18%
TAXE 0.24%
Overpaying

Year by year

Year	ITM	TAXE	Overpaying
10	$328	$437	$109
20	$1,281	$1,699	$418
30	$3,749	$4,959	$1,210

Expense ratio

0.18%ITM, cheaper
0.24%TAXE

ITM0.18%TAXE0.24%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

ITM 3rd cheapest of 19 funds

TAXE 4th cheapest of 19 funds

ITM vs TAXE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ITM 3.08%; TAXE 3.73%, better
Payout (12M): ITM $1.41; TAXE $1.87
Last payment: ITM $0.11; TAXE $0.14
Ex-dividend: ITM Oct 1, 2026; TAXE Oct 27, 2026
Paid on: ITM Oct 6, 2026; TAXE Oct 29, 2026
Frequency: ITM Monthly; TAXE Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ITMMonthly · 45 paymentsAll ITM payments⁠

TAXEMonthly · 28 paymentsAll TAXE payments⁠

ITM vs TAXE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ITM 6.2%TAXE 4.7%since Aug 2024
Return per unit of riskSharpe ratio, 3 years: ITM 0.05TAXE −0.17since Aug 2024
Worst fallMax drawdown, 5 years: ITM −14.4%TAXE −5.5%since Jul 2024
Market sensitivityBeta, 5 years: ITM 0.97TAXE 0.17; Market = 1

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