LMUB vs TMNL: Grades, Fees and Holdings Compared

iShares Long-Term National Muni Bond ETF

LMUBBNYSE Arca

T. Rowe Price Long Municipal Income ETF

TMNLCNasdaq

Overlap

No data

Expense ratio

LMUB −0.17pt a year

LMUB0.09%TMNL0.26%

Avg volume · 30D

LMUB 593.5×the volume

LMUB547KTMNL922

LMUB vs TMNL Performance

Dec 31, 2025 – Oct 30, 2026

−1.4%LMUB+0.9%TMNL

Expense ratio: LMUB 0.09%, better; TMNL 0.26%
Fund size: LMUB $1.83B; TMNL $24M
1Y total return: LMUB −1.1%; TMNL No data
Yield (12M): LMUB 4.03%; TMNL No data
Holdings: LMUB 1086; TMNL 148
Avg volume (30D): LMUB 547K sh, better; TMNL 922 sh
NAV per share: LMUB $48.19; TMNL $48.74
52W range

ETF.net Grade

Pillar letters and Scores for LMUB, TMNL, with each pillar’s weight
Pillar	LMUB	TMNL
Cost30% weight	A80Higher	D39
Mission25% weight	B59	B63Higher
Risk15% weight	D38	B58Higher
Tradability15% weight	B63Higher	D25
Holdings10% weight	B64Higher	C48
Durability5% weight	A70Higher	F17

Rank among Long-Duration Municipal Bonds funds

How we build Categories ›

Same Category. LMUB and TMNL 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 TMNL 4th 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

TMNLCT. Rowe Price Long Municipal Income 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.

TMNL T. Rowe Price's muni desk goes long: an active fund that parks past the ten-year mark on the muni curve, hunting federally tax-free income where the index giants just own the whole market.

Stated mandate

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

TMNL The fund seeks high current income that is exempt from federal income taxes.

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.

TMNL Built for the long end: under normal conditions the weighted average effective maturity runs beyond ten years, with no maturity limit on any individual bond.troweprice.com
The mandate is plain: high current income exempt from federal income taxes, with at least 80% of assets in munis. Federal is the break; state taxes are a separate question.troweprice.com
Active management at 0.26% a year, below the 0.30% median for muni bond ETFs. Unusual for an active fee to sit under the category middle.troweprice.com
Run by two career muni investors on T. Rowe Price's municipal team, each with more than two decades of investment experience.troweprice.com

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.

TMNL Long bonds swing hardest when rates move: the prospectus flags that longer maturities and durations carry greater interest rate risk.troweprice.com
Cheap for active, rich next to the index crowd: VTEB charges 0.03% and MUB 0.05% for broad muni exposure.
It started trading in November 2025, so the record is short and volume is thin next to the category's largest muni funds.

Full LMUB profile⁠

Full TMNL profile⁠

LMUB vs TMNL Holdings

How LMUB and TMNL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile94.6%
Asset classFixed Income100%

Sector

No Sector split for LMUB and TMNL.

Country, concentration and asset class

Country by domicile

Country weights in LMUB and TMNL, widest gap first
Country	More in LMUBMore in TMNL	LMUB	TMNL
United States	LMUB +5.4 points	100.0%	94.6%
Puerto Rico	TMNL +5.4 points	0.0%	5.4%

Concentration

Weight in the 10 largest Holdings

LMUB7.3%
TMNL20.9%

Securities held

LMUB1,052
TMNL147

Asset class

LMUB: Fixed Income
TMNL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. LMUB holds 1,052 securities, TMNL 147.

All 1,081 LMUB holdings⁠All TMNL 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 TMNL Cost

Overpaying TMNL vs LMUB

$3,460

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

LMUB 0.09%
$1,898
TMNL 0.26%
$5,358

Amount$10,000

Years30 years

Cost over time

LMUB 0.09%
TMNL 0.26%
Overpaying

Year by year

Year	LMUB	TMNL	Overpaying
10	$165	$473	$308
20	$646	$1,838	$1,192
30	$1,898	$5,358	$3,460

Expense ratio

0.09%LMUB, cheaper
0.26%TMNL

LMUB0.09%TMNL0.26%

0.09%0.28%

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

LMUB cheapest of 5 funds

TMNL 4th cheapest of 5 funds

LMUB vs TMNL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): LMUB 4.03%; TMNL No data
Payout (12M): LMUB $1.94; TMNL No data
Last payment: LMUB $0.19; TMNL $0.17
Ex-dividend: LMUB Oct 1, 2026; TMNL Oct 27, 2026
Paid on: LMUB Oct 6, 2026; TMNL Oct 29, 2026
Frequency: LMUB Monthly; TMNL Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

LMUBMonthly · 18 paymentsAll LMUB payments⁠

TMNLMonthly · 11 paymentsAll TMNL payments⁠

LMUB vs TMNL 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 2025TMNL No data
Return per unit of riskSharpe ratio, 3 years: LMUB −0.23since Apr 2025TMNL No data
Worst fallMax drawdown, 5 years: LMUB −9.5%since Mar 2025TMNL No data
Market sensitivityBeta, 5 years: LMUB 0.17TMNL 0.17; Market = 1

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