LMUB vs TAFL: Grades, Fees and Holdings Compared

iShares Long-Term National Muni Bond ETF

LMUBBNYSE Arca

AB Tax-Aware Long Municipal ETF

TAFLCNYSE Arca

Overlap

No data

Expense ratio

LMUB −0.19pt a year

LMUB0.09%TAFL0.28%

Avg volume · 30D

LMUB 26.8×the volume

LMUB547KTAFL20.4K

LMUB vs TAFL Performance

Oct 31, 2025 – Oct 30, 2026

−1.1%LMUB−0.7%TAFL

Expense ratio: LMUB 0.09%, better; TAFL 0.28%
Fund size: LMUB $1.83B; TAFL $59M
1Y total return: LMUB −1.1%; TAFL −0.7%, better
Yield (12M): LMUB 4.03%; TAFL 4.27%, better
Holdings: LMUB 1086; TAFL 140
Avg volume (30D): LMUB 547K sh, better; TAFL 20.4K sh
NAV per share: LMUB $48.19; TAFL $24.14
52W range

ETF.net Grade

Pillar letters and Scores for LMUB, TAFL, with each pillar’s weight
Pillar	LMUB	TAFL
Cost30% weight	A80Higher	F23
Mission25% weight	B59Higher	B57
Risk15% weight	D38	C48Higher
Tradability15% weight	B63Higher	C50
Holdings10% weight	B64Higher	C52
Durability5% weight	A70Higher	D37

Rank among Long-Duration Municipal Bonds funds

How we build Categories ›

Same Category. LMUB and TAFL are both graded against the same 5 Long-Duration Municipal Bonds funds, so their Grades compare head to head.

Long-Duration Municipal Bonds⁠

Category · 5 funds

See all 5 ›

LMUB ranks 2nd and TAFL 5th of 5 funds in the Long-Duration Municipal Bonds Category.

Rank 1BVTELVanguard Long-Term Tax-Exempt Bond ETFScore 65
Rank 2BLMUBiShares Long-Term National Muni Bond ETFScore 63
Rank 3BMLNVanEck Long Muni ETFScore 55
Rank 4CTMNLT. Rowe Price Long Municipal Income ETFScore 45
Rank 5CTAFLAB Tax-Aware Long Municipal ETFScore 42

Our read on each fund

ETF.net Research

LMUBBiShares Long-Term National Muni Bond ETF

TAFLCAB Tax-Aware Long Municipal ETF

In short

LMUB Most muni funds hand you the whole maturity curve. LMUB takes only the long end: investment-grade national municipal bonds maturing in 12 years or more, indexed, for 0.09% a year.

TAFL Most muni ETFs hug an index. TAFL is the active take on the long end of the tax-exempt curve, run by AB's municipal desk for after-tax income, at 0.28% a year.

Stated mandate

LMUB The fund seeks to track an index of investment-grade U.S. municipal bonds with maturities of at least 12 years.

TAFL The Fund seeks enhanced income and attractive risk-adjusted after-tax returns.

Why people hold it

LMUB Charges 0.09% a year against a 0.30% median for muni funds, so more of the tax-exempt coupon stays with shareholders.
Not a broad fund with a long tilt. The ICE AMT-free index it follows holds only national munis maturing in 12+ years, roughly 800 bonds deep.
Pays income monthly, and cost plus index discipline put it among the stronger builds in a crowded muni field.

TAFL Active, not index-bound: the stated mandate is enhanced income and attractive risk-adjusted after-tax returns, so the desk picks its spots on the long curve.
At 0.28% a year it comes in under the typical municipal bond ETF, unusual for an actively run fund.
Income lands monthly, drawn from a focused book of roughly 120 national municipal bonds rather than a thousand-line index sleeve.
Does what it says on the tin: the portfolio has stayed tight to its long national muni mandate, and it lands in the upper half of a crowded muni field.

Worth knowing

LMUB Long maturities cut both ways: 12-year-plus bonds swing harder on rate moves than short or intermediate muni funds.
Launched in 2025, so the track record is short and the risk picture rests on limited history.
Whole-curve muni funds go cheaper (VTEB and SCMB at 0.03%). The 0.09% here buys the long-only slice, not broad coverage.

TAFL Long-maturity bonds move more when rates move. Expect bigger price swings than short or intermediate muni funds, in both directions.alliancebernstein.com
Index staples cost far less: VTEB runs 0.03% and MUB 0.05%. You are paying for the active long-curve call.
Still a small, thinly traded fund since its 2023 launch, so spreads can run wider than the muni giants.

Full LMUB profile⁠

Full TAFL profile⁠

LMUB vs TAFL Holdings

How LMUB and TAFL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile98.7%
Asset classFixed Income100%

Sector

No Sector split for LMUB and TAFL.

Country, concentration and asset class

Country by domicile

Country weights in LMUB and TAFL, widest gap first
Country	More in LMUBMore in TAFL	LMUB	TAFL
United States	LMUB +1.3 points	100.0%	98.7%
Puerto Rico	TAFL +1.3 points	0.0%	1.3%

Concentration

Weight in the 10 largest Holdings

LMUB7.3%
TAFL21.8%

Securities held

LMUB1,052
TAFL138

Asset class

LMUB: Fixed Income
TAFL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. LMUB holds 1,052 securities, TAFL 138.

All 1,081 LMUB holdings⁠All 124 TAFL 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.

LMUB vs TAFL Cost

Overpaying TAFL vs LMUB

$3,857

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

LMUB 0.09%
$1,898
TAFL 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

LMUB 0.09%
TAFL 0.28%
Overpaying

Year by year

Year	LMUB	TAFL	Overpaying
10	$165	$509	$344
20	$646	$1,976	$1,330
30	$1,898	$5,755	$3,857

Expense ratio

0.09%LMUB, cheaper
0.28%TAFL

LMUB0.09%TAFL0.28%

0.09%0.28%

Middle half of Long-Duration Municipal Bonds funds
Median 0.24%

LMUB cheapest of 5 funds

TAFL 5th cheapest of 5 funds

LMUB vs TAFL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): LMUB 4.03%; TAFL 4.27%, better
Payout (12M): LMUB $1.94; TAFL $1.03
Last payment: LMUB $0.19; TAFL $0.09
Ex-dividend: LMUB Oct 1, 2026; TAFL Oct 1, 2026
Paid on: LMUB Oct 6, 2026; TAFL Oct 6, 2026
Frequency: LMUB Monthly; TAFL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

LMUBMonthly · 18 paymentsAll LMUB payments⁠

TAFLMonthly · 34 paymentsAll TAFL payments⁠

LMUB vs TAFL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: LMUB 7.6%since Apr 2025TAFL 5.9%since Jan 2024
Return per unit of riskSharpe ratio, 3 years: LMUB −0.23since Apr 2025TAFL −0.43since Jan 2024
Worst fallMax drawdown, 5 years: LMUB −9.5%since Mar 2025TAFL −7.8%since Dec 2023
Market sensitivityBeta, 5 years: LMUB 0.17TAFL 0.19; Market = 1

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