PUSH vs SUB: Grades, Fees and Holdings Compared

PGIM Ultra Short Municipal Bond ETF

PUSHANYSE Arca

iShares Short-Term National Muni Bond ETF

SUBANYSE Arca

Overlap

No data

Expense ratio

SUB −0.08pt a year

PUSH0.15%SUB0.07%

Avg volume · 30D

SUB 19.1×the volume

PUSH45.1KSUB860K

PUSH vs SUB Performance

Oct 31, 2025 – Nov 2, 2026

+2.9%PUSH+2.1%SUB

Expense ratio: PUSH 0.15%; SUB 0.07%, better
Fund size: PUSH $202M; SUB $13.3B
1Y total return: PUSH +2.9%, better; SUB +2.1%
Yield (12M): PUSH 3.40%, better; SUB 2.79%
Holdings: PUSH 410; SUB 3188
Avg volume (30D): PUSH 45.1K sh; SUB 860K sh, better
NAV per share: PUSH $50.14; SUB $105.87
52W range

ETF.net Grade

Pillar letters and Scores for PUSH, SUB, with each pillar’s weight
Pillar	PUSH	SUB
Cost30% weight	A80	A91Higher
Mission25% weight	A100	A100
Risk15% weight	B64Higher	C45
Tradability15% weight	D34	B60Higher
Holdings10% weight	B56	A81Higher
Durability5% weight	D36	A94Higher

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. PUSH 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 PUSH 9th 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 8ASHMState Street SPDR Nuveen ICE Short Term Municipal Bond ETFScore 72
Rank 9APUSHPGIM Ultra Short Municipal Bond ETFScore 71
Rank 10BEVSMEaton Vance Short Duration Municipal Income ETFScore 68

Our read on each fund

ETF.net Research

PUSHAPGIM Ultra Short Municipal Bond ETF

SUBAiShares Short-Term National Muni Bond ETF

In short

PUSH The muni cousin of PGIM's big ultra-short bond fund: an active, 0.15% portfolio of very short municipal bonds, run by PGIM's own muni desk and paying federally tax-exempt income monthly.

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

PUSH The fund seeks total return from current income exempt from federal income taxes and capital appreciation.

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

PUSH At 0.15%, it costs less than the typical short-muni ETF and undercuts the group's other active options, GUMI and JMST. Cheap active is unusual in munis.
Actively run by PGIM Fixed Income's muni team, with room for up to 10% in high-yield muni debt. An index tracker cannot make that call.pgim.com
Income is exempt from federal income tax and paid monthly, and the ultra-short benchmark (Bloomberg 1 Year Municipal Bond Index) keeps interest-rate sensitivity slim.
Has stayed tight to its stated ultra-short muni mandate since launch, and rates as one of the stronger implementations in its short-muni peer group.

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

PUSH Thinly traded with a modest asset base, so spreads can widen and a chunky order can move the price.
Launched in 2024, so the record is short. PGIM itself flags new/small fund risk given the limited operating history.pgim.com
Creations and redemptions may be done in cash, which PGIM notes can make it less tax-efficient than an in-kind ETF. The exemption is federal, not state.pgim.com

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 PUSH profile⁠

Full SUB profile⁠

PUSH vs SUB Holdings

How PUSH and SUB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile99.3%
Asset classFixed Income100%

Sector

No Sector split for PUSH.

Country, concentration and asset class

Country by domicile

Country weights in PUSH and SUB, widest gap first
Country	More in PUSHMore in SUB	PUSH	SUB
United States	SUB +0.7 points	99.3%	100.0%
Puerto Rico	PUSH +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

PUSH15.4%
SUB3.3%

Securities held

PUSH265
SUB2,459

Asset class

PUSH: Fixed Income
SUB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PUSH holds 265 securities, SUB 2,459.

All PUSH 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.

PUSH vs SUB Cost

Overpaying PUSH vs SUB

$1,657

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

PUSH 0.15%
$3,137
SUB 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

PUSH 0.15%
SUB 0.07%
Overpaying

Year by year

Year	PUSH	SUB	Overpaying
10	$274	$128	$146
20	$1,071	$503	$568
30	$3,137	$1,480	$1,657

Expense ratio

0.15%PUSH
0.07%SUB, cheaper

SUB0.07%PUSH0.15%

0.05%0.55%

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

SUB 3rd cheapest of 27 funds

PUSH 6th cheapest of 27 funds

PUSH vs SUB Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PUSH 3.40%, better; SUB 2.79%
Payout (12M): PUSH $1.71; SUB $2.95
Last payment: PUSH $0.13; SUB $0.23
Ex-dividend: PUSH Oct 30, 2026; SUB Nov 2, 2026
Paid on: PUSH Pays Nov 3, 2026; SUB Pays Nov 5, 2026
Frequency: PUSH Monthly; SUB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PUSHMonthly · 28 paymentsAll PUSH payments⁠

SUBMonthly · 46 paymentsAll SUB payments⁠

PUSH vs SUB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PUSH 1.3%since Jul 2024SUB 2.0%
Return per unit of riskSharpe ratio, 3 years: PUSH −0.56since Jul 2024SUB −0.59
Worst fallMax drawdown, 5 years: PUSH −1.3%since Jun 2024SUB −4.0%
Market sensitivityBeta, 5 years: PUSH 0.04SUB 0.26; Market = 1

PUSH 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

PUSHAvsVTESA
PGIM Ultra Short Municipal Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.15% · 0.05%
Category
SUBAvsVTESA
iShares Short-Term National Muni Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.05%
Category
PUSHAvsVSDMA
PGIM Ultra Short Municipal Bond ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.15% · 0.12%
Category
SUBAvsVSDMA
iShares Short-Term National Muni Bond ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.12%
Category
PUSHAvsTAXSA
PGIM Ultra Short Municipal Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.15% · 0.05%
Category
SUBAvsTAXSA
iShares Short-Term National Muni Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.05%
Category

PUSH vs SUB

In short

Stated mandate

Why people hold it

Worth knowing

How PUSH 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 PUSH and SUB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings