SMB vs TAXS: Grades, Fees and Holdings Compared

VanEck Short Muni ETF

SMBACboe

Northern Trust Short-Term Tax-Exempt Bond ETF

TAXSANasdaq

Overlap

0.0%by weight

Expense ratio

TAXS −0.02pt a year

SMB0.07%TAXS0.05%

Avg volume · 30D

SMB 6.2×the volume

SMB179KTAXS28.9K

SMB vs TAXS Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%SMB+2.6%TAXS

Expense ratio: SMB 0.07%; TAXS 0.05%, better
Fund size: SMB $394M; TAXS $194M
1Y total return: SMB +2.0%; TAXS +2.6%, better
Yield (12M): SMB 2.82%, better; TAXS 2.38%
Holdings: SMB 362; TAXS 2424
Avg volume (30D): SMB 179K sh, better; TAXS 28.9K sh
NAV per share: SMB $17.18; TAXS $50.11
52W range

ETF.net Grade

Pillar letters and Scores for SMB, TAXS, with each pillar’s weight
Pillar	SMB	TAXS
Cost30% weight	A91	A98Higher
Mission25% weight	A100	A100
Risk15% weight	C50	B62Higher
Tradability15% weight	C40Higher	F24
Holdings10% weight	B57	A81Higher
Durability5% weight	B65Higher	C42

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. SMB and TAXS 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 ›

TAXS ranks 4th and SMB 5th 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 4ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFScore 77
Rank 5ASMBVanEck Short Muni ETFScore 74
Rank 6AGUMIGoldman Sachs Ultra Short Municipal Income ETFScore 73

Our read on each fund

ETF.net Research

SMBAVanEck Short Muni ETF

TAXSANorthern Trust Short-Term Tax-Exempt Bond ETF

In short

SMB A muni fund built for the short end: VanEck has run this AMT-free, short-maturity national portfolio since 2008, and it charges 0.07%, a fraction of what the typical muni bond ETF costs.

TAXS Northern Trust's muni index fund keeps every bond under five years to maturity and charges 0.05%, a fraction of the typical muni ETF fee. Roughly 1,700 federally tax-exempt bonds, none of them AMT bonds, with interest paid monthly.

Stated mandate

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

TAXS The fund seeks to track, before fees and expenses, the price and yield performance of the ICE Short-term Focused Municipal Bond Index. It is designed for tax-exempt income through passively managed, investment-grade municipal bonds with short-term maturities.

Why people hold it

SMB Charges 0.07% a year, well under the typical muni bond ETF fee. When the whole point is tax-free income, the fee line matters.
The index is AMT-free by design, so the interest it targets is federally tax-exempt without the alternative minimum tax wrinkle.vaneck.com
Short maturities mean rate swings move prices less than in long-dated muni funds. Roughly 300 bonds, with income paid monthly.
Running since 2008, so it has an audited record through a full round trip in interest rates rather than a two-year backtest.

TAXS 0.05% a year sits at the low end of the muni aisle, where the typical fund charges several times that, and matches the fee on MUB, the category's iShares heavyweight.
Index rules admit only investment-grade bonds with under five years left to final maturity, so the portfolio skips the long-end price swings that define all-maturity muni funds.flexshares.com
About 1,700 bonds, all exempt from federal tax and screened to exclude alternative minimum tax paper, with income distributed monthly rather than accrued.flexshares.com
Passive, sampled, and run by Northern Trust's municipal desk, which has managed muni portfolios for more than 30 years. The index does the picking, not a manager's hunch.flexshares.com northerntrust.com

Worth knowing

SMB The short end of the muni curve is the low-income end. This portfolio is about damping rate moves, not maximizing the payout.
It is a national fund, aimed at federal tax exemption only. State-level exemption is the job of single-state funds like NYF.vaneck.com
Broad-maturity rivals VTEB and SCMB charge less and cover the whole curve. The short-maturity focus is the reason to look here.

TAXS It launched in 2025 and trades lightly next to muni mainstays like VTEB and MUB, so spreads can run wider and the track record is short.
Federally tax-exempt is not tax-free. That interest can still be taxed by your state and city.flexshares.com
Sub-five-year munis generally carry lower yields than longer maturity portfolios. That is the other side of the milder rate sensitivity.flexshares.com

Full SMB profile⁠

Full TAXS profile⁠

SMB vs TAXS Holdings

How SMB and TAXS differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SMB and 0.0% of TAXS.

Level by level

Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for SMB and TAXS.

Country, concentration and asset class

Country by domicile

Country weights in SMB and TAXS, widest gap first
Country	More in SMBMore in TAXS	SMB	TAXS
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SMB10.4%
TAXS3.2%

Securities held

SMB195
TAXS1,306

Asset class

SMB: Multi-Asset
TAXS: Fixed Income

Holdings

Only in SMB195
In both0
Only in TAXS1,306

Only in SMB

195 securities, 99.1% of SMB by weight

State Of California4.96%
New York State Dormitory Authority2.81%
City Of New York Ny2.66%
State Of Ohio2.64%
Southeast Energy Authority A Cooperativ2.59%
New York City Transitional Finance Auth2.55%
California Community Choice Financing A2.25%
Main Street Natural Gas Inc2.16%
Commonwealth Of Massachusetts2.09%
State Of Maryland2.04%
Indiana Finance Authority1.76%
Black Belt Energy Gas District1.75%
State Of North Carolina1.61%
New York City Housing Development Corp1.42%
State Of Maryland Department Of Transpo1.40%
New York City Industrial Development Ag1.33%
State Of Illinois1.33%
Triborough Bridge & Tunnel Authority1.22%
Metropolitan Transportation Authority1.19%
Philadelphia Housing Authority1.05%
Central Florida Expressway Authority0.98%
City & County Of Honolulu Hi0.91%
Tobacco Settlement Financing Corp0.86%
Energy Northwest0.86%
Illinois Finance Authority0.85%
Massachusetts Development Finance Agenc0.84%
Connecticut State Health & Educational0.83%
Charlotte-Mecklenburg Hospital Authorit0.83%
New Jersey Educational Facilities Autho0.82%
State Of Connecticut0.80%
California State Public Works Board0.77%
Georgia State Road & Tollway Authority0.76%
Fort Bend Independent School District0.76%
State Of Connecticut Special Tax Revenu0.72%
State Of New Jersey0.72%
Kentucky Public Energy Authority0.70%
State Of Washington0.70%
Kansas Development Finance Authority0.68%
Tennessee Energy Acquisition Corp0.67%
Long Island Power Authority0.66%
Commonwealth Of Pennsylvania0.65%
City Of Chicago Il0.62%
County Of Allen Oh Hospital Facilities0.61%
California Statewide Communities Develo0.60%
Texas Water Development Board0.58%
Pittsburgh Water & Sewer Authority0.56%
Massachusetts Water Resources Authority0.56%
Colorado Health Facilities Authority0.55%
Clark County School District0.55%
Utah Transit Authority0.55%

Only in TAXS

1,306 securities, 97.3% of TAXS by weight

Metropolitan Govt Nashville & Davidson Cnty Tenn1.44%
Black Belt Energy Gas Dist Ala Gas Proj Rev Bds0.98%
Virginia College Bldg Auth Va Edl Facs Rev 21ST0.77%
Lower Colo Riv Auth Tex Transmission Contract Rev0.72%
Kentucky St Ppty & Bldgs Commn Revs Bds A0.65%
Las Vegas Vy Nev Wtr Dist Go Ltd Tax Ref Bds 20210.63%
Salt Riv Proj Agric Impt & Pwr Dist Ariz Elec Sys0.63%
California Cmnty Choice Fing Auth Clean Energy0.61%
Illinois St Toll Hwy Auth Toll Highway Rev Sr Ref0.59%
Idaho St Bldg Auth Sales Tax Rev Ed Bds 2024 A0.52%
Rhode Island St Comm Corp Rev Grant Antic Bds 20200.44%
Southeast Energy Auth Commodity Supply Rev Ala Bds0.43%
Connecticut St Spl Tax Oblig Rev Transn0.42%
Scago Edl Facs Corp For Pickens Sch Dist S C0.41%
Illinois Fin Auth Rev Clean Wtr Initiative0.41%
Clark Cnty Nev Passenger Fac Charge Rev Ref Bds0.39%
New York St Dorm Auth St Pers Income Tax Rev Gen0.39%
Philadelphia Pa Auth For Indl Dev Lease Rev Ref0.38%
Truckee Meadows Nev Wtr Auth Wtr Rev Rev Ref Bds0.37%
Kentucky Inc Ky Pub Energy Auth Gas Supply Rev Bds0.36%
Houston Tex Arpt Sys Rev Sub Lien Ref Bds 2018 B0.36%
Harris Cnty Tex Toll Rd Rev First Lien Ref Bds0.36%
New York N Y City Transitional Fin Auth Bldg Aid0.35%
Metropolitan Atlanta Rapid Tran Auth Ga Sales Tax0.35%
Clark Cnty Nev Sch Dist Ltd Tax Go Bldg Ref Bds0.34%
West Virginia St Go St Road Bds 2018 A 07/JUN/20180.33%
Missouri Jt Mun Elec Util Commn Pwr Proj Rev Ref0.32%
Clark Cnty Nev Arpt Rev Sys Sub Lien Ref Bds 20240.32%
University Utah Univ Revs Gen Bds 2022B0.32%
Delaware Transn Auth Transn Sys Rev Sr Bds 20200.31%
Mississippi St Go Ref Bds 2017 A 28/JUN/20170.31%
Indiana St Fin Auth Wastewater Util Rev First Lien0.31%
Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Sr0.30%
Sales Tax Securitization Corp Ill Second Lien Bds0.30%
West Virginia St Go Rd Bds 2018 B 07/JUN/20180.29%
Ohio St Major New St Infrastructure Proj Rev Bds0.28%
Alabama St Pub Sch & College Auth Cap Impt Ref Bds0.28%
Delaware Transn Auth Grnt Antic Bds 20200.28%
Intermountain Pwr Agy Utah Pwr Supply Rev Bds 20230.28%
Triborough Brdg & Tunl Auth N Y Payroll Mobility0.27%
Utah Tran Auth Sales Tax Rev Ref Bds 20250.27%
West Virginia St Go Rd Bds 2019 A 17/DEC/20190.26%
Intermountain Pwr Agy Utah Pwr Supply Rev Bds0.26%
Georgia St Ports Auth Rev Bds 2022 17/AUG/20220.25%
Florida St Tpk Auth Tpk Rev Dept Transn Ref Bds0.25%
Texas St Univ Sys Fing Rev Rev and Ref Bds 2017 A0.24%
Illinois St Toll Hwy Auth Toll Highway Rev Ref Bds0.24%
Ohio St Wtr Dev Auth Wtr Pollutn Ctl Rev Ln Fd Bds0.24%
Chicago Ill Met Wtr Reclamation Dist Gtr Chicago0.24%
University Ala Gen Rev Bds 2019 A 19/SEP/20190.24%

Weight gaps

SMB and TAXS share no securities.

All 335 SMB holdings⁠All 2,424 TAXS 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.

SMB vs TAXS Cost

Overpaying SMB vs TAXS

$420

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

SMB 0.07%
$1,480
TAXS 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

SMB 0.07%
TAXS 0.05%
Overpaying

Year by year

Year	SMB	TAXS	Overpaying
10	$128	$92	$36
20	$503	$360	$143
30	$1,480	$1,060	$420

Expense ratio

0.07%SMB
0.05%TAXS, cheaper

TAXS0.05%SMB0.07%

0.05%0.55%

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

TAXS cheapest of 27 funds

SMB 3rd cheapest of 27 funds

SMB vs TAXS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SMB 2.82%, better; TAXS 2.38%
Payout (12M): SMB $0.48; TAXS $1.20
Last payment: SMB $0.04; TAXS $0.11
Ex-dividend: SMB Oct 1, 2026; TAXS Oct 1, 2026
Paid on: SMB Oct 6, 2026; TAXS Oct 7, 2026
Frequency: SMB Monthly; TAXS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SMBMonthly · 45 paymentsAll SMB payments⁠

TAXSMonthly · 14 paymentsAll TAXS payments⁠

SMB vs TAXS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SMB 2.5%TAXS 2.8%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: SMB −0.33TAXS −0.51since Sep 2025
Worst fallMax drawdown, 5 years: SMB −7.1%TAXS −1.9%since Aug 2025
Market sensitivityBeta, 5 years: SMB 0.33TAXS 0.03; Market = 1

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