SUB vs TMNS: Grades, Fees and Holdings Compared

iShares Short-Term National Muni Bond ETF

SUBANYSE Arca

T. Rowe Price Short Municipal Income ETF

TMNSBNasdaq

Overlap

No data

Expense ratio

SUB −0.11pt a year

SUB0.07%TMNS0.18%

Avg volume · 30D

SUB 1097.4×the volume

SUB880KTMNS802

SUB vs TMNS Performance

Dec 31, 2025 – Nov 9, 2026

+1.6%SUB+2.0%TMNS

Expense ratio: SUB 0.07%, better; TMNS 0.18%
Fund size: SUB $13.4B; TMNS $22M
1Y total return: SUB +2.3%; TMNS No data
Yield (12M): SUB 2.57%; TMNS No data
Holdings: SUB 3149; TMNS 213
Avg volume (30D): SUB 880K sh, better; TMNS 802 sh
NAV per share: SUB $105.96; TMNS $49.70
52W range

ETF.net Grade

Pillar letters and Scores for SUB, TMNS, with each pillar’s weight
Pillar	SUB	TMNS
Cost30% weight	A91Higher	A72
Mission25% weight	A100	A100
Risk15% weight	C44	C46Higher
Tradability15% weight	B60Higher	D36
Holdings10% weight	A82Higher	D31
Durability5% weight	A95Higher	F12

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. SUB and TMNS 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 1st and TMNS 13th of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 80
Rank 12BMEARiShares Short Maturity Municipal Bond Active ETFScore 64
Rank 13BTMNST. Rowe Price Short Municipal Income ETFScore 62
Rank 14BCGSMCapital Group Short Duration Municipal Income ETFScore 61

Our read on each fund

ETF.net Research

SUBAiShares Short-Term National Muni Bond ETF

TMNSBT. Rowe Price Short Municipal Income ETF

In short

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.

TMNS T. Rowe Price's short-maturity muni fund, launched in 2025 as part of a four-ETF push that filled out the firm's tax-free lineup. Active management, investment-grade bonds, and a fee well under the typical muni ETF.

Stated mandate

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.

TMNS The fund seeks income and, secondarily, capital appreciation.

Why people hold it

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.

TMNS Costs 0.18% a year, below the 0.30% median for muni bond ETFs, and cheap for a fund with a human picking the bonds.troweprice.com
Actively run by James Lynch, who also manages T. Rowe's intermediate muni ETF, rather than tracking a fixed index.troweprice.com
Holds short- and intermediate-term investment-grade munis, so it carries less interest-rate sensitivity than long-dated muni funds while seeking federally tax-exempt income.troweprice.com
One rung of a four-fund muni ladder (short, intermediate, long, high yield), so the duration slot is yours to choose instead of blended for you.troweprice.com

Worth knowing

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.

TMNS Launched in November 2025. The record is short, and any read on how it handles rate swings rests on limited history.
Still a small fund that trades thinly, which can mean wider gaps between bid and ask prices.
Index-tracking muni giants like VTEB, SCMB and MUB charge a few basis points. You are paying up here for active bond selection.

Full SUB profile⁠

Full TMNS profile⁠

SUB vs TMNS Holdings

How SUB and TMNS differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile94.5%
Asset classBonds100%

Sector

SUB and TMNS share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in SUB and TMNS, widest gap first
Country	More in SUBMore in TMNS	Gap	SUB	TMNS
United States		SUB +5.5 points	100.0%	94.5%
Puerto Rico		TMNS +5.5 points	0.0%	5.5%

Concentration

Weight in the 10 largest Holdings

SUB3.4%
TMNS20.6%

Securities held

SUB2,425
TMNS213

Asset class

SUB: Bonds
TMNS: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. SUB holds 2,425 securities, TMNS 213.

All 3,097 SUB holdings⁠All TMNS 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.

SUB vs TMNS Cost

Overpaying TMNS vs SUB

$2,269

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

SUB 0.07%
$1,480
TMNS 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

SUB 0.07%
TMNS 0.18%
Overpaying

Year by year

Year	SUB	TMNS	Overpaying
10	$128	$328	$200
20	$503	$1,281	$778
30	$1,480	$3,749	$2,269

Expense ratio

0.07%SUB, cheaper
0.18%TMNS

SUB0.07%TMNS0.18%

0.05%0.55%

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

SUB 3rd cheapest of 27 funds

TMNS 8th cheapest of 27 funds

SUB vs TMNS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): SUB 2.57%; TMNS No data
Payout (12M): SUB $2.73; TMNS No data
Last payment: SUB $0.23; TMNS $0.14
Ex-dividend: SUB Nov 2, 2026; TMNS Oct 27, 2026
Paid on: SUB Nov 5, 2026; TMNS Oct 29, 2026
Frequency: SUB Monthly; TMNS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SUBMonthly · 46 paymentsAll SUB payments⁠

TMNSMonthly · 11 paymentsAll TMNS payments⁠

SUB vs TMNS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SUB 2.0%TMNS No data
Return per unit of riskSharpe ratio, 3 years: SUB −0.59TMNS No data
Worst fallMax drawdown, 5 years: SUB −4.0%TMNS No data
Market sensitivityBeta, 5 years: SUB 0.26TMNS 0.06; Market = 1

SUB and TMNS 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

SUBAvsVTESA
iShares Short-Term National Muni Bond ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.05%
Category
TMNSBvsVTESA
T. Rowe Price Short Municipal Income ETF · Vanguard Short-Term Tax-Exempt Bond ETF
Expense ratio
0.18% · 0.05%
Category
SUBAvsVSDMA
iShares Short-Term National Muni Bond ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.12%
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T. Rowe Price Short Municipal Income ETF · Vanguard Short Duration Tax-Exempt Bond ETF
Expense ratio
0.18% · 0.12%
Category
SUBAvsTAXSA
iShares Short-Term National Muni Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.07% · 0.05%
Category
TMNSBvsTAXSA
T. Rowe Price Short Municipal Income ETF · Northern Trust Short-Term Tax-Exempt Bond ETF
Expense ratio
0.18% · 0.05%
Category

SUB vs TMNS

In short

Stated mandate

Why people hold it

Worth knowing

How SUB and TMNS 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 SUB and TMNS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings